Microsoft completed its acquisition of Activision Blizzard on October 13, 2023. Activision Blizzard became a wholly owned Microsoft subsidiary, while a revised UK-approved deal structure placed specified cloud-streaming rights outside the European Economic Area with Ubisoft. The transaction’s legal entity was Activision Blizzard, Inc.; Microsoft’s announcement also welcomed the Activision Blizzard King teams.
When did Microsoft complete the acquisition?
The deal closed on October 13, 2023. In its closing filing, Microsoft described the legal merger: Merger Sub merged into Activision Blizzard, Inc., which continued as a wholly owned Microsoft subsidiary. For each eligible outstanding share, shareholders became entitled to receive $95.00 in cash, without interest, subject to exceptions set out in the filing.
Microsoft Gaming CEO Phil Spencer announced the completion that day, saying Microsoft had “officially completed the acquisition of Activision Blizzard.” The company’s announcement welcomed the Activision Blizzard King teams. The distinction matters: Activision Blizzard, Inc. was the legal entity that merged, while King was part of the wider business and teams described by Microsoft.
What did Microsoft acquire, and what did Ubisoft receive?
Microsoft acquired Activision Blizzard’s business, but the UK remedy changed who controls specified cloud-streaming rights. The UK Competition and Markets Authority (CMA) consented on October 13, 2023, to a restructured transaction that excluded Activision Blizzard’s non-European Economic Area (EEA) cloud-streaming rights from Microsoft’s acquisition.
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Under the arrangement described by the CMA, Ubisoft received global cloud-streaming rights outside the EEA for current and future Activision PC and console games released over a 15-year period. That is a rights arrangement, not a sale of Activision Blizzard to Ubisoft: Ubisoft did not acquire the company or all its publishing and ownership rights.
How the cloud-streaming arrangements differ by region
The Ubisoft arrangement and the EEA consumer commitment are separate measures. One allocates defined rights outside the EEA; the other gives eligible consumers in the EEA a streaming license for qualifying games they are licensed to play.
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| Arrangement | Territory | Right and game scope | Eligibility or time condition |
|---|---|---|---|
| Ubisoft cloud-streaming rights | Outside the EEA | Cloud-streaming rights for current and future Activision PC and console games covered by the arrangement | The CMA describes a 15-year release window for the covered games |
| EEA consumer streaming commitment | European Economic Area | Eligible consumers can stream current and future Activision Blizzard PC and console games for which they hold a license, through a cloud-streaming service that supports the game | Subject to the applicable game license and service support; the commitment is tied to European Commission commitments |
Microsoft’s EEA explanation and Xbox terms frame the consumer entitlement as a license, not a guarantee that every game will appear on every service. A title must qualify under the applicable terms, the consumer must hold the relevant license, and the chosen service must support it. These commitments do not establish a game’s current catalog availability in a particular country; check the service and territory directly.
What happened to the U.S. challenge?
The U.S. Federal Trade Commission maintained a case record challenging the proposed merger. The transaction nevertheless closed in 2023. The Associated Press later reported that the FTC abandoned its effort to block the acquisition. That procedural history is distinct from the established closing date; this article does not make claims about later docket or appeal developments.
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How Microsoft describes the acquisition
In its fiscal 2026 Form 10-K, Microsoft characterized Activision Blizzard as an interactive entertainment content publisher and said the acquisition was intended to accelerate growth in gaming across mobile, PC, console, and cloud gaming. That is the company’s stated strategy, not independent evidence that the acquisition achieved those outcomes.
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