The title is a little misleading. This ruling is only regarding the preliminary injunction. There is still an ongoing suit with the FTC and we will need to wait for that to be resolved. However, knowing how these things go, Microsoft will make a ton of promises about creating jobs, keeping their content available to everyone, and agreeing to play fair. They will get approval and immediately turn around and terminate a ton of jobs, start making things exclusive, and backtrack on their promises. Then…nothing will happen. There will be no repercussions. Rinse and repeat.

It's my understanding that Microsoft can now close the deal and acquire ABK before the FTC trial would even take place (as soon as July 18th, though unlikely given the new UK CMA negotiations). What happens to the suit if the merger is already complete?

Probably a fine that’s simply justified as “operating costs”. It’s actually kinda bullshit, they shouldn’t be allowed to buy up all the NA competition. Next is probably EA. Thankfully Sony saw this coming and started investing in new studios and IP.