Microsoft and Activision Blizzard have agreed to extend their merger agreement until later this year, following several different court cases surrounding it.
The merger has been surrounded by controversy, with the FTC court case only just wrapping up. That case was ruled in favor of Microsoft and Activision Blizzard, meaning that there's only the CMA left in the way of their completion of the merger deal. That case will be decided on August 29, meaning it'll be completed well before the new deal deadline of October 18, 2023.
The new date comes with a caveat, however. If the deal isn't closed by August 29, then the termination fee will increase from $3 billion to $3.5 billion. If the deal doesn't close by September 15, then that fee increases from $3.5 billion to $4.5 billion. What this means is that Microsoft will be desperately trying to clear the deal as soon as possible.
Phil Spencer tweeted about the extension, stating:
"Microsoft and Activision Blizzard have extended the merger agreement deadline to 10/18. We're optimistic about getting this done and excited about bringing more games to more players everywhere."