Microsoft to buy Activision Blizzard for $68.7 billion

Microsoft Corp said on Tuesday it would buy videogame publisher Activision Blizzard for $68.7 billion in cash, the largest deal in the sector.

Microsoft's offer of $95 per share is at a premium of 45% to Activision's Friday close. Shares of Activision were up nearly 38% to $65.39 before being halted for news.