M&A · Tech · Services-Prepackaged Software
Microsoft Corp to acquire Activision Blizzard, Inc.
Announced Jan 19, 2022 · Closed Oct 13, 2023
Deal value$68.70BEV $67.88B
Premium45.3%To unaffected price
EV / Adj. EBITDA18.1x7.5x EV / Revenue
ConsiderationAll cash$95.00 per share
Transaction
- Acquirer
- Microsoft Corp (MSFT)
- Target
- Activision Blizzard, Inc.
- Buyer type
- Strategic
- Offer price per share
- $95.00
- Enterprise value
- $67.88B
- Status
- Closed Oct 13, 2023
Deal protections
- Break fee (target pays)
- $2.27B · 3.3%
- Reverse fee (buyer pays)
- $3.00B · 4.4%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Allen & Company
- Allen & Company fee
- $65.0M
Sector context · Tech
- Comparable deals
- 54 in the prior 24 months
- Premium
- 45.3% vs. 29.9% sector median
- EV / Adj. EBITDA
- 18.1x vs. 17.8x sector median
- Break fee
- 3.3% vs. 3.0% sector median
Timeline
- AnnouncedJan 19, 2022
- Proxy filedFeb 18, 2022
- Definitive proxyMar 21, 2022
- Shareholder voteApr 28, 2022
- ClosedOct 13, 2023
Valuation · fairness opinions
Trading comparables$69.08$89.05
Trading comparables$77.93$91.67
Trading comparables$72.40$99.49
Discounted cash flow$84.73$123.87
52-week trading range$56.40$104.53
Offer $95.00
Implied value per Activision Blizzard, Inc. share by analysis, from Allen & Company.