FTC seeks to halt Microsoft’s acquisition of Activision Blizzard with a restraining order.

The Federal Trade Commission (FTC) has filed for a temporary restraining order to seek a preliminary injunction for the acquisition of Activision Blizzard Inc by Microsoft Corporation for $70 billion. The FTC has been investigating the acquisition of the video game company on anti-competition matters. The purchase would make it the largest acquisition in the history of the video gaming industry. The UK and Europe’s anti-competition agencies have issued similar warnings on the acquisition. Activision Blizzard publishes gaming products that are used by several consoles, PCs, and on mobile in a similar way that Microsoft does with the Xbox among other gaming products. Microsoft President Brad Smith welcomes the move by the FTC and UK CMA to accelerate the processes of finding justice in the matter. Following the announcement, Microsoft shares closed Monday trading at $331.85, up 1.5 percent from the day’s opening price, while the ATVI shares traded sideways. The growth of Web3-focused games has significantly pushed traditional gaming companies to move in a similar direction.

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