EDIT: Yeah, like Nirolak said, Activision was prob going to shut them down, but because of UK laws they had to be offered around first. Ubi prob got it on the cheap.
Also, yes, IP remains with Activision
http://blog.ubi.com/en-GB/richard-blenkinsop-heads-reflections-new-leamington-studio/
They also renamed the studio to Ubisoft Leamington
Also, yes, IP remains with Activision
http://blog.ubi.com/en-GB/richard-blenkinsop-heads-reflections-new-leamington-studio/
They also renamed the studio to Ubisoft Leamington
Richard will also serve as Managing Director for new members of the Ubisoft family joining from FreeStyleGames, previously an Activision studio, located in Leamington Spa. The FreeStyle team is known for their work on the DJ Hero series and last year's Guitar Hero Live. The studio will be renamed Ubisoft Leamington and will work in close collaboration with Reflections and Ubisoft's other International studios to develop AAA games. Of Ubisoft Leamington, Richard said, ”we're thrilled to have their expertise within the group, and the team at Reflections are looking forward to creating great things together!"