China group bets on Cae­sar's game unit

The Myanmar Times - - International Business -

A CHI­NESE con­sor­tium linked to Alibaba founder Jack Ma will spend US$4.4 bil­lion to buy a de­vel­oper of casino-style game apps from a US firm, one of its mem­ber com­pa­nies said yes­ter­day.

The 11-strong pri­vate eq­uity con­sor­tium has agreed to buy the Playtika unit, which makes games in­clud­ing "Slo­to­ma­nia", from Cae­sar In­ter­ac­tive En­ter­tain­ment (CIE).

The all-cash swoop high­lights the grow­ing num­ber of Chi­nese com­pa­nies snap­ping up overseas en­ter­tain­ment firms to feed a mas­sive global mar­ket for mo­bile con­tent.

Apart from Yun­feng Cap­i­tal which was co-founded by Mr Ma, the 11 in­vestors in­clude Gi­ant In­vest­ment (HK) Ltd, an af­fil­i­ate of ma­jor gam­ing firm Shang­hai Gi­ant Net­work. They plan to raise a to­tal of $4.5 bil­lion for the deal and re­lated costs, Gi­ant’s unit Chongqing New Cen­tury Cruise Co. said in a state­ment to the Shen­zhen Stock Ex­change yes­ter­day.

Gam­bling is il­le­gal in China and the deal will not in­clude CIE’s real­money on­line gam­bling busi­nesses, it said. In­stead it in­volves play­ing with virtual cur­rency which can­not be con­verted. –

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