Activision Blizzard has agreed to purchase King Digital Entertainment for $5.9 billion. The purchase gives the publisher all outstanding shares of the Candy Crush Saga developer at a cost of $18 per share, 20% over closing cost on the 30th October.
CEO Bobby Kotick spoke of the deal saying
The combined revenues and profits solidify our position as the largest, most profitable standalone company in interactive entertainment. With a combined global network of more than half a billion monthly active users, our potential to reach audiences around the world on the device of their choosing enables us to deliver great games to even bigger audiences than ever before.
While Activision Blizzard’s board approved of the deal, it is now subject to King’s shareholders and the Irish High Court to be cleared by antitrust authorities.
Once the deal is complete, King will still remain under the control of current Chief Executive Officer Riccardo Zacconi, Chief Creative Officer Sebastian Knutsson, and Chief Operating Officer Stephane Kurgan.