Shareholders of Activision Blizzard Inc (NASDAQ:ATVI) have approved Microsoft Corporation (NASDAQ:MSFT)’s all-cash acquisition of the gaming giant. The deal is said to be finalized in 2023, and it is said to be worth $95 per share.
As reported by Fox Business, there is still a long way to go before Microsoft’s purchase of Activision Blizzard is completed. However, a very important step was taken to make the agreement a reality, as over 98% of shares voted in favor of the proposed acquisition.
Earlier, the body SOC Investment Group had asked Activision shareholders to vote against the agreement.
Bobby Kotick, the studio's current CEO, welcomed the shareholders' move and said they continue to work to resolve their issues and create a safe workplace for everyone. The results of the vote will later be presented to the U.S. Securities and Exchange Commission.
"Today's overwhelming vote of support from our shareholders confirms our shared belief that, combined with Microsoft, we will be even better positioned to create great value for our players, including greater opportunities for our employees, and continue our focus on becoming an inspiring example of a welcoming, respectful and inclusive workplace,” Kotick said.
The statement stresses that Microsoft will invest $95 in cash for each Activision Blizzard share. The deal must still go through a regulatory process to rule out monopolistic practices, as happened with the case of ZeniMax and Bethesda.
Microsoft had a positive first quarter by beating analysts’ expectations in terms of earnings per share and revenue —$2.22 vs. $2.19, and $49.36 billion, vs. $49.05 billion, respectively.
The company’s revenue soared by 18% from the same period last year, with sales and marketing expenditures growing by 10% and hitting $5.6 billion, the fastest growth in over three years, CNBC reports.
Microsoft’s acquisition of Activision is the largest in its history.
Microsoft investor Peter Choi said, “I think overall the company’s north star is still being more business- and enterprise-focused, and essentially helping people be more productive.”
“That’s the ultimate mission of the company. I think when they think about areas outside of the core business, they do tend to be more opportunistic. So, obviously gaming, although that’s already a key franchise for them,” he added.