Microsoft explored the possibility of acquiring Valve and Nintendo

In 2020, Microsoft considered the possibility of acquiring Valve and Nintendo. This information became public knowledge through an internal letter from the head of Xbox, Phil Spencer, which became accessible following a legal dispute between Microsoft and the Federal Trade Commission (FTC).

However, it's worth noting that these were merely internal discussions, as at the time, Microsoft was actively engaged in negotiations with Warner Bros. and ZeniMax. Phil Spencer himself emphasized that acquiring Nintendo would have been the most significant event in his life.