A Chinese consortium buys into Caesars’ online games

A Chinese consortium that includes game developer Shanghai Giant Network Technology Co Ltd and e-commerce company Alibaba Group Holding Ltd founder Jack Ma has agreed to acquire Caesars Interactive Entertainment Inc's online games unit for $4.4 billion in cash.

Caesars Interactive Entertainment is currently owned by Caesars Acquisition Co (CAC) and Caesars Entertainment Corp . The sale will be a boon to the two affiliated companies, which are looking for cash as they embark on a complex merger.

Caesars' online games business, known as Playtika, makes its games such as Bingo Blitz and Slotomania available on Apple Inc's App Store. Playatika will continue to operate independently with its own management team and its headquarters remaining in Herzliya, Israel, following the deal.

Giant is one of China's biggest gaming companies, with nearly 50 million monthly active users and several top-grossing mobile titles.

The Chinese consortium involved in the deal also includes Ma's private equity firm Yunfeng Capital, China Oceanwide Holdings Group Co, China Minsheng Trust Co, CDH China HF Holdings Company Limited, and Hony Capital Fund, the companies said.

Source:Reuters

Proofread by Sean O Diobhilin