The trial focused on a 2011 payment made to Platini by FIFA, world football’s governing body. At the time, Platini was the president of European football’s governing body, UEFA.
The Office of the Attorney General of Switzerland (OAG) accused the two men of illegally arranging the payment of 2 million Swiss francs (current value US$2.05 million).
“I want to express my happiness to all my loved ones that after seven years of lies and manipulation, justice has finally been served,” Platini said in a statement.
“The truth has come out during this trial,” he said. “I keep saying this: My fight is the fight against injustice. I won the first game.”
When Blatter went into the courtroom to hear the verdict, he told reporters: “I am not innocent in my life, but in this case I am innocent.”
During trial in June, Blatter claimed that the payment to Platini was a payment of wages owed to the Frenchman for some consultancy work done with FIFA between 1998 and 2002.
“It’s a salary that was due. I don’t know why we’re in a criminal trial for an administrative process,” Blatter said.
“Platini told me, I’m worth a million and I told him, then you’ll be with me for a million – gentlemen’s agreement,” the 86-year-old continued.
The verdict is the culmination of an investigation that began in 2015.
Following the pair’s acquittal, a FIFA spokesman said: “FIFA takes note of the court’s decision regarding the case opened by the OAG and will await a full reasoned decision before commenting further.”