A US judge yesterday ruled Microsoft can proceed with its planned $69B purchase of video game giant Activision Blizzard. The deal would be Microsoft's largest-ever and the overall biggest in the video game industry should the deal close by a July 18 deadline.
The Federal Trade Commission had sought an injunction to temporarily block the two companies from merging ahead of the agency's separate in-house challenge to the transaction in August. The federal judge rejected the injunction, ruling the FTC was unable to show how the deal would cause harm to competition in the cloud gaming market. The judge also ruled the FTC wouldn't likely prevail if it took the challenge to a full trial.
In related news, British regulators, who blocked the deal in April, announced they are considering Microsoft's proposals to address antitrust concerns. The latest developments in Microsoft's year-and-a-half-long bid to acquire Activision Blizzard come after European regulators cleared the deal in May.
Activision Blizzard shares closed up 10% after reaching a 52-week high of $92.91.