Xbox boss Phil Spencer was keen for Microsoft to acquire Nintendo.

In a leaked email exchange from August 2020 between Nintendo's commercial chief marketing officer Takeshi Numoto and chief marketing officer Chris Capossela, which had the subject header of “random thought”, the Microsoft Gaming CEO was asked why his firm didn't consider a takeover of Nintendo a “more attractive” way to “increase our consumer exposure and relevance.”

And Spencer went on to insist that “getting Nintendo would be a career moment and I honestly believe a good move for both companies.”

He responded: "Takeshi, I totally agree that Nintendo is the prime asset for us in Gaming and today Gaming is our most likely path to consumer relevance.

"I've had numerous conversations with the LT of Nintendo about tighter collaboration and feel like if any US company would have a chance with Nintendo we are probably in the best position. The unfortunate (or fortunate for Nintendo) situation is that Nintendo is sitting on a big pile of cash, they have a BoD that until recently has not pushed for further increases in market growth or stock appreciation.

"I say 'until recently' as our former MS BoD member ValueAct has been heavily acquiring shares of Nintendo and I've kept in touch with Mason Morfit as he's been acquiring. It's likely he will be pushing for more from Nintendo stock which could create opportunities for us. Without that catalyst, I don't see an angle to a near-term mutually agreeable merger of Nintendo and MS and I don't think a hostile action would be a good move so we are playing the long game. But our BoD has seen the full write-up on Nintendo (and Valve) and they are fully supportive on either if opportunity arises as am I."

The email comes amid Microsoft's acquisition of Activision Blizzard, which is now expected to close by October 18, 2023.