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Microsoft Corp (NASDAQ:MSFT) and Activision Blizzard, Inc (NASDAQ: ATVI) stocks are trading higher Friday amid reports of the companies exploring giving up some control of their cloud-gaming business in the U.K. to appease regulators to complete their $69 billion merger by the July 18 deadline.
The relinquishing of control could involve selling off the cloud-based market rights for games in the U.K. to a telecommunications, gaming, internet-based computing company, or a private equity company, Bloomberg cites familiar sources.
Both companies still find it feasible to close the deal before next week’s deadline.
Regulators in the U.S. and U.K. have opposed the deal fearing anticompetitive repercussions from combining one of the biggest video game publishers with one of the largest console makers.
On Thursday, the U.S. Federal Trade Commission urged a California court to pause the deal while the agency’s challenge awaits.
Microsoft is re-engaging in talks with the U.K. Competition and Markets Authority, which vetoed the deal in May.
The CMA is ready to evaluate proposals from Microsoft but said the companies would need to resubmit their transaction for the normally multi-month regulatory process to begin anew.
The CMA on Friday shared plans to extend the deadline for its review of the takeover by six weeks. The revised period will therefore end on August 29, 2023.
Microsoft had already forged deals with Nvidia Corp (NASDAQ:NVDA), Nintendo Co, Ltd (OTC:NTDOF) (OTC:NTDOY), Boosteroid, and Nware to crush opposition against the deal.
Price Action: ATVI shares traded higher by 1.63% at $91.00 premarket on the last check Friday. MSFT shares traded higher by 1.75% at $348.65.
