Activision Blizzard acquires 'Candy Crush' developer King for $5.9 billion

SANTA MONICA, Calif., Nov. 3 (UPI) -- Top videogame publisher Activision Blizzard is set to acquire King Digital Entertainment, makers of the hugely successful mobile game, Candy Crush Saga for $5.9 billion.

The move will bring two of the top five highest-grossing mobile games in the U.S., Candy Crush Saga and Candy Crush Soda Saga, under the same roof as top-selling PC and console videogame franchises World of Warcraft and Call of Duty.

"Activision Blizzard believes that the addition of King's highly-complementary business will position Activision Blizzard as a global leader in interactive entertainment across mobile, console and PC platforms, and positions the company for future growth," the publisher said in a statement Monday.

"The combined revenues and profits solidify our position as the largest, most profitable standalone company in interactive entertainment," said Activision CEO Bobby Kotick. "With a combined global network of more than half a billion monthly active users, our potential to reach audiences around the world on the device of their choosing enables us to deliver great games to even bigger audiences than ever before."

Activision Blizzard will be paying $18 for each outstanding King share, a 20 percent premium over the stock price on Oct. 30, but less than the $22.50 King fetched during its 2014 IPO. The acquisition is expected to be completed next spring.