Activision Blizzard has shelled out approximately $5.83-billion (R56.5-billion) to buy back its shares from parent Vivendi, separating itself from the giant media company.<\/p>\n
Activision Blizzard will be buying 429 million company shares, with Activision Blizzard CEO Bobby Kotick and co-chairman Brian Kelly purchasing a further 172 million Company shares for approximately $2.34 billion.<\/p>\n
\u201cThese transactions together represent a tremendous opportunity for Activision Blizzard and all its shareholders, including Vivendi,\u201d said Bobby Kotick. \u201cWe should emerge even stronger\u2014an independent company with a best-in-class franchise portfolio and the focus and flexibility to drive long-term shareholder value and expand our leadership position as one of the world’s most important entertainment companies.<\/p>\n
\u201cThe transactions announced today will allow us to take advantage of attractive financing markets while still retaining more than $3 billion cash on hand to preserve financial stability.\u201d<\/p>\n
The transaction is expected to close by the end of\u00a0September 2013, subject to customary closing conditions.<\/p>\n
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