Yulchon, representing Microsoft, successfully obtained unconditional merger clearance from the Korea Fair Trade Commission (KFTC) for the USD 70 billion acquisition of Activision Blizzard, a global leader in game development and interactive entertainment content.

This unconditional clearance is particularly significant given the recent decision by the UK Competition and Markets Authority (CMA) to block the transaction. Despite a rigorous review process by the KFTC lasting over a year, Yulchon's detailed and timely submissions, coupled with multiple in-person meetings, ultimately convinced the KFTC that (i) the transaction would not negatively impact competition in the relevant Korean markets due to their unique local characteristics, and (ii) concerns raised by competition authorities in other jurisdictions would not apply in Korea.

The transaction will significantly expand Microsoft's gaming business across mobile, PC, console, and cloud platforms, laying the groundwork for the metaverse. Upon closing, Microsoft will become the world's third-largest gaming company, trailing only Tencent and Sony, and will gain ownership of popular games such as "Call of Duty" and "Candy Crush."