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King Digital (KING) Stock Catapults, Activision Blizzard to Acquire, Jim Cramer's View

NEW YORK (TheStreet) -- King Digital Entertainment (KING - Get Report) shares are skyrocketing 15.12% to $17.89 on heavy trading volume in Tuesday's early morning trading session after video game maker Activision Blizzard (ATVI) announced that it will buy the "Candy Crush Saga" maker for $5.9 billion.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, commented on the deal, saying: "Bobby Kotick, the CEO of Activision, is one of the great money makers of our time. I have known Bobby for 30 years. If he says this is a good deal it's a good deal."

Under the terms of the deal, Activision Blizzard will acquire all of the outstanding shares of King for $18 in cash a share. The deal is expected to be completed by spring of 2016.

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"We are very much looking forward to working with Activision Blizzard," King Digital CEO Riccardo Zacconi stated. "We have two teams that, together, will have an amazing footprint, innovative technology, and leadership across...