Consortium buys Ceasers online games unit for $4.4b

A consortium of Chinese companies led by game developer Shanghai Giant Network Technology Co will buy Israeli casino-style online gaming developer Playtika Ltd from Caesars Entertainment Corp for $4.4 billion, the companies announced during the weekend.

Analysts said it was a bid by the investors to gain a firmer foothold in the mobile gaming market.

"Acquiring Playtika would help the company diversify its portfolio by adding social casino games and get a more global customer base under its belt, providing an additional subcategory specialization that they didn't have before and can now use to target new markets," said Bin Dai, region director of Greater China at App Annie, a US-based analytics firm.