Activision Blizzard announced on Wednesday that it has extended the deadline for Microsoft’s $69 billion takeover until October 18. This extension comes as both companies work towards obtaining approval from the United Kingdom’s antitrust authority.
In addition to the deadline extension, the “Call of Duty” publisher has agreed to increase the deal termination fee from $3 billion to $3.5 billion if the deal does not close by August 29. Furthermore, if the deal is not closed by September 15, the termination fee will rise to $4.5 billion.
Originally, the two U.S. companies aimed to close the deal by July 18. However, regulatory obstacles in the U.S. and the UK have delayed the process. The U.S. Federal Trade Commission’s attempts to block the takeover were unsuccessful, as a federal judge and appeals court denied their bid. On the other hand, the UK’s Competition and Markets Authority initially blocked the deal but reversed their decision after the U.S. court ruling.
Regulators in both countries have expressed different concerns regarding the deal. The FTC raises issues of potential degradation of Activision’s game quality on rival consoles and pricing manipulation, while the CMA questions whether the deal could stifle competition in the cloud gaming industry.
To address these concerns, Microsoft has offered 10-year licensing deals to competitors, including a recent agreement with Sony Group to keep “Call of Duty” on PlayStation, Microsoft’s biggest competitor in the gaming market.
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