Arts & EntertainmentThe EnvelopeCompany Town

Activision Blizzard and Vivendi complete $8.2-billion stock deal

Activision Blizzard, Inc.GamingShareholdersEntertainmentWinter Weather and BlizzardsKanye WestABC

Activision Blizzard and a group of investors have completed their $8.2-billion buyback of most of Vivendi's majority stake in the company.

This comes just one day after the Delaware Supreme Court reversed an earlier judicial decision that halted the transaction. 

Activision, the world's biggest video game publisher, acquired 429 million shares from Vivendi for about $5.83 billion in cash, or $13.60 a share. Activision Chief Executive Bobby Kotick, Co-Chairman Brian Kelly and their investment vehicle bought about 172 million shares from Vivendi at a cost of $2.34 billion. 

That leaves Paris-based Vivendi, which has been looking to shed assets, in possession of 12% of Activision, the firm behind the popular "Call of Duty" franchise.

PHOTOS: Hollywood backlot moments

"With the completion of this transaction we open a new chapter in the history of Activision Blizzard," Kotick said in a statement. "Our shareholders and debt holders will have the benefit of an energized, invested, deeply committed management team focused on generating long-term, superior returns and effectively managing our capital structure."

On Thursday, the Delaware high court overturned a Delaware Chancery Court decision that preliminarily enjoined the transaction after Douglas Hayes, an Activision shareholder, sued the company, Vivendi and the investor group. 

In the lawsuit, Hayes contended the deal should have been put to Activision's shareholders for a majority vote. The Delaware high court's chief justice Myron T. Steele said the transaction did not require the approval of non-Vivendi shareholders. 

ALSO:

Kanye West appearance boosts ratings for Jimmy Kimmel

Changing consumer habits means more viewers for 'Scandal'

ABC picks up 'Marvel's Agents of S.H.I.E.L.D.' for full season

Twitter: @rfaughnder

ryan.faughnder@latimes.com

MORE

ON LOCATION: People and places behind what's onscreen

PHOTOS: Biggest box office flops of 2013

PHOTOS: Celebrity production companies


Copyright © 2014, Los Angeles Times
Related Content
Activision Blizzard, Inc.GamingShareholdersEntertainmentWinter Weather and BlizzardsKanye WestABC
Comments
Loading