Playstudios, specializing in social casino games, announced that Activision no longer owns its shares. It repurchased them from Microsoft, Activision's parent company.
Playstudios took back 11,677,398 of its own shares from Microsoft, resulting in a 8.6% reduction in the company's outstanding shares. It paid $2.11 for each share, with the total transaction amounting to $24.64 million.
In a report to the U.S. Securities and Exchange Commission, Playstudios reminded that it had previously launched a $50 million share buyback program. The transaction with Microsoft was part of this program. The company expects to improve its financial position through the share buyback.
Activision acquired Playstudios shares in early 2021 when Playstudios went public. The deal's amount was not disclosed, but there were rumors that Activision paid $100 million. Activision itself denied these rumors.