News: Buyout brings together makers of two of the world’s most popular games.
The makers of two of the world’s most popular gaming franchises are set to come together. Activision Blizzard, the maker of Call of Duty, has announced that it will acquire King Digtial Entertainment, the firm behind the Candy Crush mobile games.
The deal is worth $5.9bn, with Acitivision paying $18 a share.
A statement posted on the King Digital website said: "The Boards of Directors of both Activision Blizzard and King unanimously approved the proposed transaction, which is being implemented by means of a scheme of arrangement under Irish law. The transaction is subject to approval by King’s shareholders and the Irish High Court."
The deal will also be subject to anti-trust and typical closing procedures. It is expected to be completed by spring 2016.
Activision Blizzard chief executive Bobby Kotick said: "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."
In March Acitvision said that 175m copies of Call of Duty game have been sold during the lifetime of the series. Bringing in King will give Activision a strong foothold in the growing space of mobile gaming.
King IPO’d with a value of $7.08bn in March 2014.