Activision Blizzard, Inc. (NASDAQ:ATVI) shares are trading higher after the company announced it will be acquired by Microsoft Corporation (NASDAQ:MSFT).
Microsoft will acquire Activision Blizzard for $95.00 per share, in an all-cash transaction valued at $68.7 billion.
When the transaction closes, Microsoft will become the world's third-largest gaming company by revenue, behind Tencent and Sony.
Bobby Kotick will continue to serve as CEO of Activision Blizzard. Once the deal closes, the Activision Blizzard business will report to Phil Spencer, CEO, Microsoft Gaming.
Activision Blizzard, Inc., together with its subsidiaries, develops and publishes interactive entertainment content and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
Activision shares were halted at the time of publication. The stock was up about 37.6% at $90 per share.
