Microsoft announced this Tuesday the purchase of video game company, Activision Blizzard for $60.1 billion. It is the largest acquisition in the history of the gaming industry.

Through a statement the tech giant said the acquisition will "accelerate the growth of Microsoft's gaming business, including mobile games, for PC, console and cloud."

The company added that when completed, the transaction will make Microsoft "the third largest gaming company in the world by revenue, behind Tencent and Sony."

Activision Blizzard is one of the world's largest interactive game developers, creator of hits such as "Call of Duty," "Candy Crush," and "Warcraft." The company has studios all over the world and around 10,000 employees.

Microsoft's new move into the gaming sector is also part of the company's strategy to develop the metaverse, a new form of virtual reality interaction, seen by many as the next frontier of the Internet.

"Games are the most dynamic and exciting category of entertainment across all platforms today and will play a key role in the development of metaverse platforms," said Satya Nadella, CEO of Microsoft.

According to the company, Bobby Kotick will continue to serve as CEO of Activision Blizzard and will report to Microsoft's Xbox chief Phil Spencer.

The transaction comes at a time when the gaming company is facing several internal problems involving allegations of sexism and abuse, first revealed in July 2021. The company has even been the target of a lawsuit filed by the State of California Department of Employment and Housing, accused of sexual harassment, maintaining a hostile environment against women, and assault.