Chinese consortium to buy Playtika from Caesars for $4.4bn
Caesars Entertainment Corp. has agreed to sell its Playtika business to a Chinese consortium for $4.4 billion (€3.9 billion).
The group of investors, led by Shanghai Giant Network Technology Co., said in a statement yesterday (Sunday) the online casino-style games unit will remain independently run from its headquarters in Herzliya, Israel.
In addition, the current Playtika management team will continue to run day-to-day operations.
The agreement, which represents an all-cash deal, also includes Yunfeng Capital, a private equity firm founded by Alibaba Group Holding founder Jack Ma; China Oceanwide Holdings Group; China Minsheng Trust Co.; CDH China HF Holdings Company Limited; and Hony Capital Fund.
“Playtika's growth has been exceptional, and highlights its outstanding team, excellent corporate culture, cutting-edge big data analytics, and its unique ability to transform and grow games,” Shanghai Giant Network Technology founder and chairman, Shi Yuzhu, said.
Robert Antokol, co-founder and chief executive of Playtika, added: “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.”
Mitch Garber, chairman and chief executive of Caesars Interactive Entertainment, also said: “It has been a particularly rewarding experience growing Playtika from a 10-person start-up, when CIE acquired them in 2011, into a global leader.
“Playtika today is a highly profitable growth company with more than 1,300 employees, multiple top grossing titles and millions of daily users."
The deal remains subject to customary regulatory approvals and other closing conditions, with both parties expecting it to close in the third or fourth quarter of this year.
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