Activision and Blizzard Entertainment parent Vivendi Games announced the completion of their multibillion dollar merger resulting in the creation of Activision Blizzard.

Originally announced in late 2007, the merger was approved by shareholders earlier this week. The new Activision Blizzard corporation is valued at roughly $18.9 billion, marking one of the largest corporate consolidations in the industry's history.

"We are very excited about the opportunity for Activision Blizzard to create a broader entertainment software platform," said Activision Blizzard chairman Rene Penisson. "We are determined to 'think big'!"

According to the terms of the transaction, Vivendi will become a wholly-owned subsidiary of Activision. Through the merger and a $1.7B stock purchase, Vivendi will acquire roughly 358.3 million shares in the new company, amounting to a 52% ownership stake in Activision Blizzard.