Microsoft (NASDAQ: MSFT) stunned the gaming industry on Jan. 18 by announcing that it would buy Activision Blizzard (NASDAQ: ATVI), one of the world's largest video game publishers, for $68.7 billion. The all-cash deal values Activision at $95 per share, which represents a 43% premium to its closing price on Jan. 14. Microsoft expects to close the deal in fiscal 2023, which starts this July, and immediately become accretive to its adjusted earnings.
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