Activision recently bought back itself from parent company Vivendi, completing the deal last Friday. The deal, originally announced in July, was put on hold in September after multiple shareholders filed lawsuits against the company. However, last week, a high court ruled the transaction was legal and justifying, lifting the temporary injunction that prevented Activision from making the deal. The deal was completed one day afterward.
The deal includes Activition acquiring approximately 429 million company shares back from Vivendi to the tune of an astounding $5.83 billion dollars. In addition, 172 million shares of Vivendi will be purchased for $2.34 billion dollars in a separate transaction by an investment group led by Activision CEO Bobby Kotick and chairman Brian Kelly.
“With the completion of this transaction we open a new chapter in the history of Activision Blizzard,” Kotick said in a statement, “We expect immediate shareholder benefits in the form of earnings-per-share accretion and strategic and operational independence. Our audiences and our incredibly talented employees around the world will benefit from a focused commitment to the creation of great games. Our shareholders and debt holders will have the benefit of an energized, invested, deeply committed management team focused on generating long-term, superior returns, and effectively managing our capital structure.”
Source: Gamespot