Microsoft (NASDAQ: MSFT) is set to acquire video game giant Activision Blizzard (NASDAQ: ATVI) for $68.7 billion in an all-cash deal.
More Details🧐 Activision Blizzard is home to some of the most popular video games ever made, with Call of Duty, World of Warcraft, & Candy Crush.
The deal would create the third-largest gaming company by revenue in the world, behind Sony (NYSE: SONY) & Tencent. Microsoft invested big in gaming twice before, when it bought Minecraft maker Mojang for $2.5 billion in 2014, & acquired game maker Bethesda for $7.5 billion last year.
Why is this Important🤔 The move comes as part of Microsoft’s long-term vision to build technologies compatible with the metaverse, according to Microsoft CEO Satya Nadella. Activision Blizzard seems to share the same vision, which prompted the company to agree to Microsoft’s offer, according to CEO Bobby Kotick.