The UK's competition watchdog initially blocked Microsoft's deal to buy its maker, Activision Blizzard. GETTY IMAGES NORTH AMERICA via AFP / Ethan Miller

Microsoft's most recent purchase, won final approval on Friday, thus, reversing its earlier decision to block the $69 billion deal, buying Activision Blizzard, and completing one of the largest tech transactions in history.

The Competition and Markets Authority's approval was much anticipated after it gave the preliminary approval last month to a revamped Microsoft proposal which was meant to address the concerns regarding the potential deal that could harm the competition, creating a monopoly and hurt gamer sentiments.

"With the sale of Activision's cloud streaming rights to Ubisoft, we've made sure Microsoft can't have a stranglehold over this important and rapidly developing market," Sarah Cardell, Chief Executive of the CMA, said on Friday.

Cardell expressed: "As cloud gaming grows, this intervention will ensure that people get more competitive prices, better services and more choices."

"Microsoft had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn't work. Dragging out proceedings in this way only wastes time and money," the chief executive added.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, also noted that while the "slap on the wrist isn't ideal, it won't stop Microsoft from pushing forward into this exciting, and very lucrative, new chapter".

Microsoft's president, Bradford L. Smith, revealed that the company was grateful for the "thorough review and decision". He acknowledges that Microsoft has now "crossed the final regulatory hurdle to close this acquisition, which we believe will benefit both, the players, and the gaming industry worldwide".

The approval now paves the way for tech giant Microsoft to increase its heft in the video-gaming market with best-selling titles, including the likes of 'Call of Duty', to better compete with industry leader Sony and to close the deal by October 18 after its extension by three months in July.

Activision's Chief Executive officer, Bobby Kotick, welcomed the news of the acquisition. He said: "We look forward to becoming a part of the Xbox Team."

Nicky Stewart, a consultant and former commercial director of cloud services provider UK Cloud, supported the decision to approve the takeover and mentioned that it was "great news for gamers worldwide". "[It will lead to] more choice, more innovation, better value and improved gaming experiences and a healthy, competitive market," said Ms Stewart, who is also a former head of ICT at the Cabinet Office government department.

Under the restructured agreement, Microsoft has agreed to transfer the rights to stream Activision games from the cloud to Ubisoft for 15 years outside the European Economic Area (EEA), after which it is understood that the regulator will see rivals become established for the cloud gaming market to be more combative.

The takeover further cements Microsoft as a video game giant that could catapult it ahead of Nintendo to become the industry's third-biggest player, behind the PlayStation console's owner, and market leader Tencent. The PlayStation currently outsells Microsoft's Xbox but like all entertainment platforms, the key to their success is access to the best content.

"Players have always been at the centre of everything we do," wrote Microsoft Gaming CEO Phil Spencer.

Spencer continued: "And as we grow, we'll continue to keep players at the heart of it all. We'll continue to listen to your feedback, build a community where you can be yourself, where developers can do their best work, and continue to make fun games."