Microsoft completed its $69 billion purchase of Activision Blizzard after a nearly two-year fight with global regulators threatened to scuttle the deal. From a report: The biggest-ever acquisition in the video game industry gives the maker of Xbox consoles a more formidable position against rivals, vaulting it from fifth to third place globally, behind Tencent Holdings and Sony Group. The acquisition is a stunning turnaround after Microsoft executives underestimated the magnitude and longevity of antitrust objections, forcing the software giant to seek a three-month extension of the deal’s expiration period from Activision.

Microsoft was able to close after making alterations to its merger agreement to win over UK authorities. The US Federal Trade Commission, which lost an attempt to block the transaction in court, continues to pursue legal action in its own administrative hearing. That could still force the two companies to unwind the deal if the commission is successful.

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