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Microsofts pursuit of activision blizzard: examining deal structure and financing in a pre- acaquisition context
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| 1.97 MB | Adobe PDF |
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This case study examines Microsoft's acquisition of Activision Blizzard from a corporate finance perspective, focusing on deal structuring and financing. The analysis compares an asset deal versus a share deal, concluding that a share deal is the most efficient approach, as it ensures
full control over Activision Blizzard’s assets while avoiding the complexities of asset-by-asset transfers. Further evaluation of payment methods favors an all-cash transaction over stock, preventing shareholder dilution and allowing Microsoft to retain the full value of expected
synergies. For financing, internal funding is identified as the optimal solution, enabling swift execution, avoiding negative market signals, and eliminating borrowing costs. The findings confirm Activision Blizzard as a strategically and financially compelling target.
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Acquisition method Financing method Mergers & acquisitions Multiples Payment method Video gaming industry.