Microsoft Corp.’s $69 billion acquisition of Activision Blizzard Inc. looks set to clear its final regulatory hurdle after the UK competition authorities signaled they will accept the latest concessions, ending a wait of more than a year and a half to complete the biggest ever gaming deal.

The Competition and Markets Authority said Friday that Microsoft’s proposal opens the door to the deal being cleared. The restructured offer to sell some gaming rights to French publisher Ubisoft Entertainment SA. is expected to keep competition in cloud gaming open for years, the regulator said. It will consult on the offer until Oct. 6.

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Microsoft’s Activision Deal Set to Clear Final UK Hurdle