I'm generally anti-acquiring because it stifles competition. Imagine how the world would be different if IBM had actually purchased Google for pocket change when it was given the chance in the 1990s.
That being said, Xbox needs to beef up its gaming chops and taking over IPs will help:
- Square Enix: Make Tomb Raider, Kingdom Hearts, and Final Fantasy Xbox exclusive. It would be the most expensive at 10x what was paid for Minecraft, but would completely load up Xbox's first-party IP.
- Valve: Merge Windows gaming store with Steam and make Valve's games Xbox Exclusive. Worth about double what was paid for Minecraft.
- Sega: Add all the Sega IP as Xbox exclusives. Worth a little more than Minecraft at current market value. Also, Sega tried to sell itself to Microsoft in 2002 and so there is a history there.
- Logitech: With Microsoft's sudden interest in alternative gaming peripherals, this would make a ton of sense. This would likely face the most regulatory scrutiny given Microsoft's current hardware business and the lack of a real alternative other then PDP.
- Ubisoft: FarCry, Assassin's Creed, and Tom Clancy as Xbox Exclusives would be killer. Current market cap is cheaper than what Microsoft paid for LinkedIn.
All of these would be about making Xbox
the gaming machine and would force Sony to rely more heavily on their own titles rather then the cross-platform titles they would lose. Sony couldn't afford any of these purchases and so this is a great chance for Microsoft to go for the jugular.
Why not Nintendo? They work better on their own and I think everyone knows that. As much as I would love Zelda on my Xbox One X, we get these great games from Nintendo because they can focus on their own thing. Plus, buying Nintendo would never pass regulatory scrutiny while the above might.