Updated News Around the World

Microsoft And Activision Extend Merger Deadline To October, “New Commercial Arrangements” Expected

The July 18 deadline for Microsoft to close its deal to buy Activision Blizzard has come and gone, but both parties have now agreed to extend their deadline to October 18 under new terms.

The three-month extension comes amid the appeals process in the UK, which blocked the deal over concerns around the cloud gaming market.

Activision said in a note to press that the deadline with Microsoft was extended on the condition that Microsoft pay a higher termination fee if the deal doesn’t happen and other “new commercial arrangements.”

“The recent decision in the U.S. and approvals in 40 countries all validate that the deal is good for competition, players, and the future of gaming. Given global regulatory approvals and the companies’ confidence that CMA now recognizes there are remedies available to meet their concerns in the UK, the Activision Blizzard and Microsoft boards of directors have authorized the companies not to terminate the deal until after October 18,” Activision said. “We’re confident in our next steps and that our deal will quickly close.”

Under the terms of the original merger agreement, Microsoft would need to pay Activision Blizzard if the deal didn’t happen. But now that fee has risen to $3.5 billion if the deal doesn’t close by August 29 and $4.5 billion if it doesn’t resolve by September 15.

Developing…

The products discussed here were independently chosen by our editors.
GameSpot may get a share of the revenue if you buy anything featured on our site.

For all the latest Games News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsUpdate is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.