NEW YORK (TheStreet) -- Activision Blizzard (ATVI) - Get Report closed the $5.9 billion purchase of Candy Crush maker King Digital Entertainment (KING) on Tuesday. Trading of King Digital's stock was suspended before today's market open.
Activision Blizzard, a Santa Monica-based video game developer and publisher, paid $18 per share to acquire King Digital as part of the agreement that was announced in November.
"We now reach over 500 million users across almost every country, making us the largest game network in the world," Activision Blizzard CEO Bobby Kotick said in a statement.
King Digital CEO Riccardo Zacconi will continue to lead the company as an independent unit of Activision Blizzard.
Additionally, the company reiterated its non-GAAP 2016 earnings guidance of $1.75 per share and revenue outlook of $6.25 billion, which was announced earlier this month.
The guidance falls below Wall Street consensus of earnings of $1.80 per share on $6.31 billion in revenue.
Shares of Activision Blizzard are down 2.52% to $30.73 in afternoon trading on Tuesday.
Separately, Activision Blizzard has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance and expanding profit margins.
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