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Activision to buy King for USD 5.9 billion

2015-11-03 09:05:00| Telecompaper Headlines

(Telecompaper) Activision Blizzard and King Digital Entertainment have signed a definitive agreement under which Activision subsidiary ABS will acquire all of the outstanding shares of King for USD 18 in cash per share, for a total equity value of USD 5.9 billion. The price implies a 20 percent premium over King's closing price on 30 October. The two companies' boards unanimously approved the acquisition being implemented under a scheme of arrangement under Irish law. Pending approval by King's shareholders, the Irish High Court and antitrust authorities, the acquisition is expected to be completed in spring 2016. The combined company will have more than half a billion monthly active users in 196 countries, and will be a leader in mobile gaming. Activision Blizzard believes the acquisition will be accretive to 2016 estimated non-GAAP revenues and earnings per share by approximately 30 percent and significantly accretive to 2016 estimated free cash flow per share. 

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