The UK’s Competition and Markets Authority (CMA) gave final consent on October 13, 2023, for Microsoft to acquire Activision Blizzard—and Microsoft completed the purchase that day. This was not approval of the original transaction unchanged: the CMA accepted a restructured deal after Activision Blizzard’s relevant cloud-streaming rights outside the European Economic Area (EEA) were transferred to Ubisoft.
The deal at a glance
| Item | Detail |
|---|---|
| Buyer | Microsoft |
| Target | Activision Blizzard |
| Announced value | Approximately $68.7 billion, commonly rounded to $69 billion; Microsoft agreed to pay $95 cash per Activision Blizzard share. AP News |
| Original UK prohibition | April 26, 2023 |
| Restructured transaction notified | August 22, 2023 |
| Final UK consent | October 13, 2023 |
| Closing date | October 13, 2023 |
| Core remedy | Transfer of specified Activision Blizzard cloud-streaming rights to Ubisoft |
The CMA’s merger case record and its separate ex-cloud-streaming-rights inquiry document the change.
Why the CMA blocked the original proposal
On April 26, 2023, the CMA prohibited Microsoft’s proposed acquisition because it concluded that the deal could substantially lessen competition in the supply of cloud-gaming services in the UK. The concern was that Microsoft would control major Activision Blizzard content and could use it to reinforce Xbox Cloud Gaming, Game Pass or related distribution advantages.
The regulator’s final concern was not principally console exclusivity. By March 2023, the CMA had provisionally concluded that the transaction would not create a substantial lessening of competition in UK console gaming. The cloud-distribution theory remained the unresolved issue. The CMA’s investigation guidance is available at gov.uk.
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What Microsoft and Activision changed
Microsoft and Activision notified a restructured transaction on August 22, 2023. Instead of leaving Microsoft in control of all relevant cloud-streaming rights, the arrangement transferred those rights outside the EEA to Ubisoft.
What Ubisoft received
- Cloud-streaming rights for current Activision Blizzard PC and console games.
- Rights covering Activision Blizzard games released during the following 15 years.
- Exclusive worldwide rights outside the EEA for the relevant licensing arrangement.
- Rights described as existing in perpetuity, even though the covered release window is 15 years.
Ubisoft did not buy Activision Blizzard, its studios or its intellectual property. It received control over specified cloud-streaming licensing rights. Ubisoft said it could offer the catalog through multigame subscriptions and license it to rival cloud providers, service providers and console makers. Ubisoft’s announcement describes the structure.
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The EEA exception
The geographic wording matters. Outside the EEA, Ubisoft received the relevant exclusive rights. Inside the EEA, the rights were non-exclusive, reflecting Microsoft’s separate commitments to the European Commission. It is therefore inaccurate to describe Ubisoft’s rights as identical “worldwide” exclusivity.
Why the remedy addressed the CMA’s concern
The remedy separated Microsoft’s ownership of Activision Blizzard from control over a significant portion of the publisher’s cloud distribution. Rival cloud services could seek licenses from Ubisoft rather than negotiate solely with Microsoft. The CMA called the concession a measure intended to promote competition and backed it with undertakings intended to make the arrangement enforceable. CMA explanation
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Which games were relevant?
The CMA highlighted major Activision Blizzard properties including Call of Duty, Overwatch and World of Warcraft. The wider acquisition also included franchises such as Diablo, Candy Crush, Warcraft and StarCraft. Those examples do not constitute a separate list of every game covered by the rights arrangement.
What the approval meant for players
- Microsoft acquired Activision Blizzard’s corporate assets, studios and franchises.
- Outside the EEA, Microsoft did not receive unrestricted control of the relevant cloud-streaming licensing; Ubisoft became the gatekeeper for those rights.
- The structure was designed to let competing cloud providers seek access to Activision Blizzard content.
- The CMA decision did not by itself set every future rule for console availability, Game Pass inclusion, prices or exclusivity.
Consequently, the approval alone cannot establish that every Activision Blizzard game must remain on a particular console or appear on every subscription tier. Those outcomes depend on separate commercial agreements, platform policies and licensing decisions.
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Did the acquisition actually close?
Yes. The CMA issued final consent on October 13, 2023, and Microsoft completed the acquisition later that same day. The closing is also summarized in an FTC filing. The September 2023 CMA announcement was preliminary; October 13 was the final approval, not merely approval in principle.
How the UK outcome compared with the US and EU
United States
The US Federal Trade Commission challenged the transaction, arguing that Microsoft could create “walled gardens” around Game Pass and cloud gaming. The FTC’s litigation continued after the acquisition closed, but its challenge did not prevent completion. The FTC’s case page is at ftc.gov. The FTC did not approve or clear the deal.
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The European Commission addressed cloud-distribution and related foreclosure concerns through regulatory commitments. The EEA treatment of the Ubisoft rights therefore differs from the exclusive arrangement outside the EEA.
What “$69 billion” means
The transaction was announced in January 2022 at approximately $68.7 billion, a figure commonly rounded to $69 billion. The $68.7 billion amount included Activision Blizzard’s net cash; the gross equity value was closer to $75 billion. The agreed consideration was $95 in cash per Activision Blizzard share, according to AP News.
Bottom line
The UK did not simply reverse its objection and approve Microsoft’s original proposal. It accepted a materially narrower transaction: Microsoft could own Activision Blizzard, while Ubisoft—not Microsoft—controlled the relevant non-EEA cloud-streaming licensing for existing games and releases covered by the 15-year window. That restructuring allowed the acquisition to close on October 13, 2023.
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