Activision’s shareholders have agreed by majority to approve a ‘merger’ with Vivendi Games.
The deal between the two video game giants will see the formation of new publishing superpower Activision Blizzard, and was first announced in December.
92 per cent of Activision’s shareholders approved to deal, which is expected to be completed today.
As part of the deal, conglomerate Vivendi will own a majority stakehold – approximately 52 per cent on a fully diluted basis and approximately 54 per cent of shares outstanding – of newly formed company Activision Blizzard.
Vivendi will also purchase approximately 62.9 million newly issued shares of Activision common stock at a price of $27.50 per share for a total of approximately $1.7 billion in cash.
On the flip side, Vivendi Games will become a wholly-owned subsidiary of Activision, whilst parent Vivendi will receive approximately 295.3 million newly issued shares of Activision common stock.