A Chinese consortium including game developer Shanghai Giant Network Technology Co Ltd and e-commerce giant Alibaba Group Holding Ltd. founder Jack Ma has agreed to buy Playtika, the social casino game firm owned by Caesars Interactive Entertainment Inc for $4.4 billion.

Caesars Interactive Entertainment, which is owned by Caesars Acquisition Co and Caesars Entertainment Corp, announced that it will sell its online game unit Playtika to pay for its debts. Its main operating unit Caesars Entertainment Operating Co Inc. is currently suffering an $18 billion bankruptcy and is seeking creditor approval to restructure, according to Reuters.

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The consortium is composed of Giant Investment (HK) Limited, an affiliate of Shanghai Giant Network Technology Co., Ltd.; Yunfeng Capital, an Alibaba-backed private equity firm; China Oceanwide Holdings Group Co., Ltd; China Minsheng Trust Co., Ltd.; CDH China HF Holdings Company Limited; and Hony Capital Fund.

Following the sale, Playtika's management team will still continue running the company's day-to-day operations in its existing headquarters in Herzliya, Israel.

"We are incredibly excited by the commercial opportunities the Consortium will make available to us... 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," Robert Antokol, Playtika's co-founder and CEO, said.

Playtika has studios and offices in other countries including Argentina, Australia, Belarus, Canada, Japan, Romania, Ukraine, and the United States.

The deal is still subject to customary regulation approvals and other closing conditions, according to Venture Beat. The transaction is expected to be finalized in the third or fourth quarter of this year.

"Playtika's growth has been exceptional... We are looking forward to Playtika continuing to innovate and excel," Shi Yuzhu, founder and chairman of Giant, who represented the Chinese consortium, said.

TagsShanghai Giant, Giant, Game Developer, online games, Jack Ma, Alibaba, Caesars Interactive Entertainment, Caesars online games, Playtika