Activision has announced that it has purchased King, famous for developing the huge hit Candy Crush for $5.9bn (£3.8bn). The deal is expected to be completed by Spring 2016 once all formalities have been concluded, subject to approval by King’s shareholders as well as the Irish High Court.
The purchase has been done by Activision Blizzard purchasing all outstanding shares of King at a cost of $18 per share, bringing the total outlay to $5.9bn.
“Activision Blizzard believes that the addition of King’s highly-complementary business will position Activision Blizzard as a global leader in interactive entertainment across mobile, console and PC platforms, and positions the company for future growth,” said the publisher.
“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.”
Activision continued by stating that they had long admired King and that they are now pleased to have acquired some of the best minds in the business.
“Riccardo, Sebastian, and Stephane are some of the best minds in the business, and we have long-admired King for consistently creating incredibly fun, deeply engaging free-to-play games that capture the imaginations of players across ages and demographics. Activision Blizzard will provide King with experience, support and investment to continue to build on their tremendous legacy and reach new potential. We share an unwavering commitment to attracting and developing the best talent in the business, and we are excited about what we will be able to accomplish together.”