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U.K. issues preliminary approval for Microsoft-Activision merger

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The U.K.’s competition regulator sees “reasonable grounds” for a merger between Activision Blizzard (NASDAQ:ATVI) and Microsoft (NASDAQ:MSFT) after the latter submitted revised terms for the $69B deal.

The restructured proposal “opens the door” to the deal being fully cleared after gathering third-party feedback. The tie-up had already been approved in every other global jurisdiction, with the FTC withdrawing its lawsuit surrounding the merger in July.

“As I said when we announced the deal, this transaction will help us accelerate our ambitions for the future of gaming and enable us to better serve our players,” Activision Blizzard (ATVI) CEO Bobby Kotick wrote in an email to employees. “Microsoft recognizes the commitment to excellence and creative independence that has served us well for the last 30 years. I am confident that their resources, technology, and tools will provide us even greater opportunities to create even better games.”

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