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Caesar's Entertainment (CZR) Stock Pops, Chinese Group Buys Mobile Gaming Unit for $4.4 Billion

NEW YORK (TheStreet) -- Caesar's Entertainment (CZR) stock is surging 7.39% to $7.41 this morning as a Chinese consortium that involves game developer Shanghai Giant Network Technology Co. and e-commerce company Alibaba (BABA) Founder Jack Ma has agreed to purchase the company's mobile gaming unit Caesar's Interactive Entertainment for $4.4 billion in cash.

The deal involves Caesars Interactive Entertainment's casino-style games division, Playtika Caesars Interactive Entertainment. The consortium had been negotiating the deal since July 21, according to Reuters.

The acquisition gives the consortium a stake in a...