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Microsoft's pursuit of Activision Blizzard: examining valuation in a pre-acquisition context
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| 3.9 MB | Adobe PDF |
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This work project analyzes Microsoft's acquisition of Activision Blizzard from a strategic and
financial perspective. The strategic rationale behind the acquisition includes strengthening
Microsoft’s gaming portfolio, expanding into mobile gaming, and enhancing its competitive
position against Sony and Tencent. From a financial perspective, the analysis covers valuation,
synergies, deal structuring, and financing, with this study focusing on the valuation component.
The core of this analysis involves a Discounted Cash Flow (DCF) analysis and trading multiples
to determine Activision Blizzard’s fair market value. The results indicate an implied equity
value of $72.69 billion, closely aligning with Microsoft's final acquisition price of $75.4 billion.
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Video gaming industry Mergers & Acquisitions Valuation DCF Multiples WACC