Microsoft actually tried to acquire Mojang previously, but moved quickly and offered a more lucrative deal when they found out that others had expressed interest as well. A person familiar with the matter mentioned that both companies signed an exclusivity agreement in July.
Minecraft has changed the gaming landscape with its 8-bit graphics in a 1080p HD gaming era. For those unaware, Minecraft is an open world, sandbox game wherein players can create anything they want, given the resources that they can gather from the world. These include mansions to castles, rollercoasters to large 8-bit statues, or just whatever players want. Some players have had the patience and creativity to design and make city replicas like the Game Of Thrones's Kings Landing, which can be seen in this video. Minecraft is certainly one of the most popular games that people do not get tired of.
In a statement made by Xbox Chief Phil Spencer, he said that success is what put Microsoft on the road to making the deal, and that they see great potential to continue to grow the Minecraft community, and cultivate the franchise. Ask any kid about Minecraft, and a conversation will certainly stir.
Although 50 million copies of the game have already been sold, Minecraft made a good gamble on acquiring Mojang because Minecraft remains on top of the iOS charts every week, and is still a very popular game that people are still eager to play. Microsoft can now make money off of Minecraft's sales, merchandise, licenses, and other media.
It is possible that Microsoft will create expansion packs, Minecraft skins, or even a sequel to the game. With the deal, Microsoft has the leverage when it comes to all things Minecraft, and although they paid a lot, the results may be worth the cost.