Activision-Blizzard now owns itself.
Over the weekend, Activision-Blizzard announced that it had completed its shares buyout deal with Vivendi. The company itself bought up 429 million shares from Vivendi for $5.83 billion. A separate investment group, led by CEO Bobby Kotick, bought up another 172 million shares for $2.34 billion, giving Activision-Blizzard a 61% majority sharehold in itself.
“With the completion of this transaction we open a new chapter in the history of Activision Blizzard,” stated Kotick in regards to the deal. “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.”
This buyout scheme had been formulated back in late July this year, but a minority shareholder filed a lawsuit in hopes of blocking the buyout. Douglas Hayes, the angry shareholder in question, had slapped down the lawsuit on the grounds that the Activision-Blizzard buyout couldn't go down without a minority stakeholder vote. A few days ago, the Delaware Supreme Court gave Vivendi and Activision-Blizzard the green light, declaring that no vote was necessary since it was a share re-purchase.