Playtika Buyout From Caesars Entertainment Corp Confirmed as Chinese Consortium Agrees to $4.4 Billion Deal
News reports have confirmed that Caesars Entertainment Corp.’s Playtika business is being sold for $4.4 billion to a Chinese consortium. The recent news came from a group of investors that is led by Shanghai Giant Network Technology Co. on Sunday. The group released a statement saying that the online casino games unit will be run from its Herzliva, Israel headquarters.
The confirmed agreement deal consists of an all-cash deal which includes numerous private equity firms and other Holding’s Groups.
“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,” commented Founder and Chairman of Shanghai Giant Network Technology.
Robert Antokol, co-founder and chief executive of Playtik added to the comments saying:
“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.”
The finalization of the deal is dependent on regulatory approvals and other conditions with the closing of both parties. It’s expected to be final and complete no later than the fourth quarter of this year.