Microsoft Corporation has received court approval to proceed with its acquisition of Activision Blizzard Inc., valued at $69 billion. This decision comes after the US Federal Trade Commission's attempt to block the largest-ever gaming deal was defeated.

Judge Jacqueline Scott Corley's ruling in San Francisco allows Microsoft to finalize the merger with Activision before the July 18 deadline in all regions except the United Kingdom, where the deal was vetoed in May.

Microsoft's motivation for acquiring Activision is to expand its presence in the mobile gaming sector, an area where it currently has minimal influence. Activision owns King, the renowned developer of Candy Crush. Microsoft expects that this combination will propel it to the third position among global video game companies, trailing behind China's Tencent Holdings Ltd., the publisher of League of Legends, and its game console competitor, Sony Corp.

Following the announcement, Activision's stock surged by as much as 6% and was trading at a 4.4% increase, reaching $86.31 at 11:08 a.m. in New York. Conversely, Microsoft's stock experienced a minor decrease of less than 1%, settling at $330.06.

Microsoft President Brad Smith expressed gratitude to the San Francisco court for its swift and comprehensive decision, hoping that other jurisdictions would also work towards a timely resolution. Smith emphasized Microsoft's commitment to addressing regulatory concerns in a creative and collaborative manner throughout the entire process.

Activision highlighted that the merger would benefit both consumers and employees. Activision CEO Bobby Kotick stated that the deal would promote competition instead of allowing dominant market leaders to continue their control over the rapidly growing industry.