Both parties will have until October 18th to close the deal, after the original deadline expired yesterday. Phil Spencer himself announced the extension via Twitter. But he’s not the only one.
Microsoft and Activision Blizzard have extended the merger agreement deadline to 10/18. We're optimistic about getting this done, and excited about bringing more games to more players everywhere.
Microsoft’s Vice President and President, Brad Smith, states that the three-month extension aims to “provide enough time to resolve the final regulatory matters.”
The termination fee, which would be paid if either Microsoft or Activision withdraw from the deal, is now set at $3.5 billion if the transaction is not closed by August 29th, and it rises to $4.5 billion if it goes beyond September 15th without closing.
Together with @Activision, we are announcing the extension of our merger agreement to 10/18 to provide ample time to work through the final regulatory issues. We will honor all commitments agreed upon with the EC and other regulators and continue to work with the CMA on the…
Activision has also agreed to potentially “hold the Company or certain assets of the Company separate or implement other legal alternatives to consummate the Merger” with the British regulators.
This is a crucial aspect as it may allow the merger to proceed with restrictions imposed by the UK Competition and Markets Authority (CMA).
The three-month delay is related to Microsoft’s ongoing negotiations with the CMA. The British regulatory authority initially blocked the operation earlier this year due to concerns related to cloud gaming.
Although Microsoft has appealed that decision, the company is also preparing to present a new proposal to divest its cloud gaming rights in the UK in an attempt to move the deal forward.
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Author: Chema Carvajal Sarabia
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