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Acquisition d'Activision Blizzard par Microsoft

AcquisitionCompletedDivers États-Unis18 Jan 2022

Deals in this sector All deals

Buyer

Microsoft Corporation

États-Unis

Target

Activision Blizzard, Inc.

États-Unis

Deal value

54.64 bn EUR

announced enterprise value

Deal value: 54.64 bn EUR
VE/EBITDA: 16.2x
Stake acquired: 100%
Premium: 45.3%

Parties

Buyer

Microsoft Corporation

États-UnisMSFT

Target

Activision Blizzard, Inc.

États-UnisATVI

Seller

Public Shareholders

États-UnisATVI

Timeline

Announced: 18 Jan 2022
Expected closing: 30 Jun 2023
Effective closing: 13 Oct 2023
Status: Completed

Structure

Deal type: Acquisition
Stake acquired: 100%
Form of consideration: All-cash
Cash and stock split: 100% Cash / 0% Stock
Sector: Divers
Sub-sector: Jeux Vidéo / Divertissement

Valuation

Deal value (EV): 54.64 bn EUR
Enterprise value at 100%: 54.64 bn EUR
Equity value: 60.66 bn EUR
Target net debt: -6.02 bn EUR
Target cash: 9.2 bn EUR
Premium to market: 45.3%
Premium to 30-day VWAP: 43%
Net debt / EBITDA leverage: -1.8x

Multiples

VE/CA: 7x
EV/adjusted EBITDA: 16.2x
EV/reported EBITDA: 16.2x
VE/EBIT: 19x

Amounts converted to euros from values published in EUR million at source. Multiples computed on the last twelve months known at announcement.

Description

Acquisition historique de l'éditeur de jeux vidéo Activision Blizzard (Call of Duty, Candy Crush, World of Warcraft) par Microsoft pour renforcer son offre Game Pass et son positionnement dans le métavers et le mobile.

Strategic rationale

Intégration verticale massive. Acquisition de franchises cultes pour alimenter le service d'abonnement Game Pass et concurrencer Sony et Tencent.

Official stated rationale

Accélérer la croissance de l'activité gaming de Microsoft sur mobile, PC, console et cloud, et fournir des briques pour le métavers.

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Rio Tinto Group

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Glencore PLC

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DiversMerger

Deal value: 63.92 bn EUR
VE/EBITDA: 4.1x
Stake: 100%

See the dealSeller: Actionnaires Publics Glencore

18 Jan 2022

Completed

Microsoft Corporation

États-Unis

Activision Blizzard, Inc.

États-Unis

DiversAcquisition

Deal value: 60.66 bn EUR
VE/EBITDA: 19x
Stake: 100%

See the dealSeller: Public Shareholders

18 Jan 2022

Completed

Microsoft Corporation

États-Unis

Activision Blizzard, Inc.

États-Unis

DiversAcquisition

Deal value: 60.66 bn EUR
VE/EBITDA: 19x
Stake: 100%

See the dealSeller: Public

Source: party press releases, reference documents and deal notices. Verify with the parties for any critical use.