Over the weekend, a consortium, including an affiliate of Shanghai Giant Network Technology Co., Ltd., one of China’s largest online games companies, announced that it has entered into a definitive agreement with Caesars Interactive Entertainment, Inc.
The consortium is set to acquire CIE’s social and mobile games business (Playtika) in a mammoth all-cash deal for $4.4 billion.
The Consortium includes Giant Investment (HK) Limited; Yunfeng Capital, a private equity firm founded by Alibaba Group Holding Ltd. founder Jack Ma; China Oceanwide Holdings Group Co., Ltd.; China Minsheng Trust Co., Ltd.; CDH China HF Holdings Company Limited; and Hony Capital Fund.
Following the transaction, we’re told that Playtika will continue to run independently with its headquarters remaining in Herzliya, Israel and its existing management team continuing to run day-to-day operations, a news release explains.
“This transaction is a testament to Playtika’s unique culture and the innovative spirit of our employees who for the past six years have consistently designed, produced and operated some of the most compelling, immersive and creative social games in the world,” said Robert Antokol, Co-Founder and CEO of Playtika. “We are incredibly excited by the commercial opportunities the Consortium will make available to us, particularly in its ability to provide us access to large and rapidly growing emerging markets. This is an amazing milestone for all Playtikans and we truly value how unique this opportunity is to continue executing our vision with such a strong partner.”