By October 18, Microsoft and Activision Blizzard will have completed their merger

The closing date for Microsoft's proposed acquisition of Activision Blizzard has been moved from July 18 to October 18 in order to give both parties more time to address any outstanding regulatory issues, according to a joint statement from Microsoft and Activision Blizzard.

“Microsoft and Activision Blizzard have extended the merger agreement deadline to October 18,” Microsoft Gaming CEO Phil Spencer said in a tweet. “We’re optimistic about getting this done, and excited about bringing more games to more players everywhere.”

As a result of the extension, Activision Blizzard is entitled to pay $0.99 per share to its shareholders, and both parties have agreed that the deal termination fee is not subject to any condition other than failure to close. If the deal does not close by August 29, the termination fee payable by Microsoft if the agreement is terminated will increase from $3 billion to $3.5 billion, and if it does not close by September 15, it will increase from $3.5 billion to $4.5 billion.