Hey folks, welcome to this week's rundown of the top business and technology news.
[M&A] Microsoft has agreed to buy video game maker Activision Blizzard for $75 billion in the biggest-ever deal by the tech company. Microsoft will become the world's third-largest gaming company by revenue when the transaction closes, behind Tencent and Sony. The planned acquisition includes iconic franchises from Activision, Blizzard and King studios like "Warcraft," "Diablo," "Overwatch," "Call of Duty" and "Candy Crush" in addition to global eSports activities through Major League Gaming. The company has studios around the world with nearly 10,000 employees.
[M&A] Unilever said it wouldn't increase its $68 billion offer for GlaxoSmithKline's consumer healthcare business, effectively walking away from a potential deal that would have added a raft of drugstore staples to its portfolio. Analysts widely questioned the announcement over price, strategic fit, and Unilever's management's ability to pull off such a sizable deal. Glaxo said Saturday that Unilever had made three proposals late last year, which it rejected on the basis that they undervalued the business and its future prospects.
Over60: WSJ
[Semiconductors] Intel announced its first new plant in America in over 40 years, following its Arizona plant's $20 billion extensions. The new plant will be set up on 1000 acres of land in New Albany, Ohio, with Intel's $20 billion investment. CEO Pat Gelsinger said the total investment size could reach $100 billion if enough federal subsidies are secured, which would create the largest silicon manufacturing plant in the world. Construction is expected to begin in late 2022, with the first facility expected to open in late 2025.
Over60: The Verge
[Finance] Andreessen Horowitz, one of the largest V.C. firms, plans to raise to $4.5 billion for a new set of cryptocurrency funds, aiming to more than double the amount it raised less than one year ago in a sign of the growing frenzy surrounding digital assets. If successful, Andreessen's haul would easily surpass any other funds raised to make early bets on cryptocurrency start-ups. The move signals how top V.C. firms are increasingly piling into crypto, fuelling a boom that has spawned hundreds of projects aiming to displace traditional finance.
Over60: F.T.
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