Riccardo Zacconi, King’s chief executive, along with chief creative officer Sebastian Knutsson and chief operating officer Stephane Kurgan, will stay on after signing “long-term” employment contracts. The boards of both companies and a majority of King’s shareholders have already approved the deal. The acquisition, expected to close by early 2016, is conditional on approval of 75 per cent of votes to be cast by King investors at a meeting in Ireland, its corporate headquarters. The all-cash transaction represents a 25 per cent premium to King’s valuation at Monday’s close, but the $18 a share price is below the $22.50 level at which King went public on the New York Stock Exchange last year.Īctivision will fund the deal with $3.6bn in cash held outside the US, consuming almost all of its offshore funds, and the remainder via debt.
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