Competition Markets Authority
Statutory timetable
| Phase 1 | Action |
|---|---|
| 13 October 2023 | Microsoft Corporations request for consent to close under Microsoft and Activision Merger Inquiry Order 2023 granted |
| 13 October 2023 | Undertakings in lieu of reference accepted |
| 22 September 2023 to 6 October 2023 | Consultation on Microsoft Corporations request for consent to close under Microsoft and Activision Merger Inquiry Order 2023 |
| 22 September 2023 to 6 October 2023 | Consultation on proposed undertakings in lieu of reference |
| 22 September 2023 | CMA to consider undertakings offered |
| 22 September 2023 | Decision announced |
| 22 August 2023 to 1 September 2023 | Invitation to comment |
| 22 August 2023 | Launch of merger inquiry |
Phase 1
Microsoft Corporations request for consent to close under the Microsoft and Activision Merger Inquiry Order 2023 granted
13 October 2023: The CMA has decided to grant consent for Microsoft Corporation to acquire Activision Blizzard, Inc. (excluding Activision Blizzard, Inc.s non-EEA cloud streaming rights).
- (13.10.23)
Undertakings in lieu of reference accepted
13 October 2023: The CMA has accepted undertakings in lieu of reference to a Phase 2 investigation for Microsoft Corporation to acquire Activision Blizzard, Inc. (excluding Activision Blizzard, Inc.s non-EEA cloud streaming rights).
- (13.10.23)
- (13.10.23)
- Press release: Microsoft concession a gamechanger that will promote competition (13.10.23)
Consultation: Microsoft Corporations request for consent to close under the Microsoft and Activision Merger Inquiry Order 2023
22 September 2023: following a request by Microsoft Corporation under paragraph 12 of the Microsoft and Activision Merger Inquiry Order 2023, the CMA is consulting on whether to give consent to Microsoft Corporation to acquire Activision Blizzard, Inc. (excluding Activision Blizzard, Inc.s non-EEA cloud streaming rights).
- (22.9.23)
Consultation: undertakings in lieu of reference
22 September 2023: The CMA is consulting on proposed undertakings in lieu of a reference to a Phase 2 investigation for Microsoft Corporation to acquire Activision Blizzard, Inc. (excluding Activision Blizzard, Inc.s non-EEA cloud streaming rights).
- (22.9.23)
- (22.9.23)
CMA to consider undertakings offered
22 September 2023: The CMA considers that there are reasonable grounds for believing that the undertakings offered by Microsoft Corporation and Activision Blizzard, Inc., or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.
- (22.9.23)
Reference unless undertakings accepted
22 September 2023: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.
- (22.9.23)
- (22.9.23)
- Press release: New Microsoft/Activision deal addresses previous CMA concerns in cloud gaming (22.9.23)
Launch of merger inquiry
22 August 2023: The CMA announced the launch of its merger inquiry by notice to the parties.
- (22.8.23)
- Press release: Microsoft submits new deal for review after CMA confirms original deal is blocked (22.8.23)
Invitation to comment: closed on Friday 1 September
Microsoft Corporation (Microsoft) and Activision Blizzard, Inc. (Activision) have notified to the Competition and Markets Authority (CMA) an acquisition by which Microsoft will acquire Activision, excluding Activisions cloud streaming rights outside of the European Economic Area (EEA). As part of the proposed acquisition, Activisions global cloud streaming rights (excluding the EEA) for all current and future Activision PC and console games released during the next 15 years will be divested to Ubisoft Entertainment SA (Ubisoft).
The divestment will take place immediately before completion of Microsofts acquisition of Activision. Ubisoft will also receive a non-exclusive licence for Activisions EEA cloud gaming rights to enable it to stream and sub-license streaming of Activision games in that region. At the same time, Microsoft will receive a non-exclusive licence from Ubisoft for cloud streaming rights to the extent necessary for Microsoft to fulfil its obligations under its commitments to the European Commission and certain existing third-party cloud streaming agreements.
The terms of the transaction will allow Ubisoft to commercialise these rights to other cloud gaming services providers (including to Microsoft itself). Ubisoft will compensate Microsoft for the cloud streaming rights to Activisions games through a one-off payment and through a market-based wholesale pricing mechanism, including an option that supports pricing based on usage.
Ubisoft will have the right to license out the cloud streaming rights to Activisions games under any business model of its choosing, including buy-to-play, multigame subscription services, or any other model that may arise. Ubisoft will also be able, for a fee, to require Microsoft to adapt Activisions titles to operating systems other than Windows, such as Linux, if it decides to use or license out the cloud streaming rights to Activisions titles to a cloud gaming service that runs a non-Windows operating system.
The CMA has pr