ZeniMax Will Operate in a Separate Company Under Microsoft [UPDATED]
Microsoft intends to create a new company - Vault. ZeniMax Media, the publisher recently purchased by the Redmond giant, will be incorporated into its structures, along with Bethesda Softworks. As it turns out, Vault will be absorbed by ZeniMax and after the merge the company will operate under Microsoft.
Update
As it turns out, the conclusions drawn from the Official Journal of the European Union were wrong. On the official website of the European Commission there is a document discussing the acquisition of ZeniMax Media by Microsoft. Here's the thing - Bethesda's owner will not become part of Vault, but it will absorb the newly established company, which will thus cease to exist. As a result ZeniMax will be directly subordinate to Microsoft.
Although it seems strange, it's not unusual. This procedure (called a reverse triangular merger) serves to avoid the complications that accompany a corporate acquisition, including the need to approve multiple shareholders (the subsidiary - in this case Vault - has only one). This minimizes the tax burden of doing so and enables the company to continue to operate without losing certain contracts that would otherwise have to expire. Thus, the contrived theories that Vault would enable Microsoft to publish ZeniMax games on competing platforms (read: PlayStation 5) can be put between fairy tales.
Original message
The European Commission has yet to make a decision on the planned acquisition of ZeniMax by Microsoft. In practice, this is just a formality, but related documents reveal an interesting piece of information. In one of the latest editions of the Official Journal of the European Union mentioned that the Redmond giant does not intend to integrate its new acquisition into its own structures. Instead, ZeniMax Media and also Bethesda Softworks will become part of a completely new entity under Microsoft - Vault.
The document does not explain the reasons for this decision. We can guess, however, that Vault will function on a similar basis as Private Division, Take-Two's publishing brand. It's possible that Vault will also take in other Microsoft acquisitions - the company is by no means secretive about its plans for new transactions, and there are already relatively credible rumors about the acquisition of another publisher. For now, the American company must finalize the purchase of ZeniMax, which - as mentioned - at this point is a mere formality. The European Commission's preliminary opinion is in favor of the deal, and a final decision will be issued no later than March 5.
