Activision Blizzard completes their Vivendi buyout
Activision Blizzard has managed to complete their buyout of their parent Vivendi to become independent once more.
The buyout was led by CEO Bobby Kotick and chairman Brian Kelly to pick up around 172 million shares from Vivendi to the tune of 2.34 billion USD in order to return controlling interest in Activision Blizzard back to itself from the French media giant.
Bobby Kotick said of the purchase, “With the completion of this transaction we open a new chapter in the history of Activision Blizzard. 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.”
The buyout was completed after the a Delaware Supreme Court ruling on October 15th that swept aside a legal contest by some shareholders that claimed the move was “unjust enrichment”.
Activision originally merged with Vivendi Games back in 2007 in a merger which swallowed up Sierra Games in the process.