Microsoft Corp. this week said it will acquire Activision Blizzard Inc. for $68.7 billion in an all-cash transaction.

The acquisition would propel Microsoft’s game business in console, PC, cloud, and mobile with franchises including Call of Duty, Warcraft, Diablo, Overwatch, and Candy Crush.

In addition, Microsoft plans to release Activision Blizzard titles to Xbox Game Pass, a monthly service that holds more than 25 million subscribers.

Microsoft will acquire Activision Blizzard at $95 per share.

Phil Spencer, CEO, Microsoft Gaming will lead the division.

The company expects the deal to close in fiscal year 2023.