The UK Competition & Markets Authority (CMA) has given Microsoft its consent to acquire Activision Blizzard following a restructuring of the deal and major concession made by Microsoft.

The CMA initially blocked the deal due to how much control it would give Microsoft over the growing cloud gaming market. In response, Microsoft convinced Ubisoft to help. Under a restructured deal, Ubisoft gains the cloud streaming rights for all of Activision Blizzard's current PC and console games, as well as for any new games released over the next 15 years.

Sarah Cardell, Chief Executive of the CMA, said "We delivered a clear message to Microsoft that the deal would be blocked unless they comprehensively addressed our concerns and stuck to our guns on that ... With the sale of Activision’s cloud streaming rights to Ubisoft, we’ve made sure Microsoft can’t have a stranglehold over this important and rapidly developing market."

Cardell also had a warning for companies planning mergers in future, making it clear that "businesses and their advisors should be in no doubt that the tactics employed by Microsoft are no way to engage with the CMA. Microsoft had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn’t work. Dragging out proceedings in this way only wastes time and money."

Activision Blizzard CEO Bobby Kotick was quick to respond to the decision in an email to the company's employees, "Today the CMA, the regulatory authority in the UK, approved our transaction with Microsoft. We now have all regulatory approvals necessary to close and we look forward to bringing joy and connection to even more players around the world."

Previously, Microsoft prevailed over the FTC's bid to block the deal back in July, but as Bloomberg reported last month, the FTC has since revived its challenge but it's unlikely to stop the deal from closing now.