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Chinese consortium agrees to $4.4 billion deal for Caesars online games

Jack Ma, founder and Executive Chairman of Alibaba Group speaks during the inaugural ''Xin'' Philanthropy Conference in Hangzhou, Zhejiang Province, China, July 9, 2016. China Daily/via

A Chinese consortium that includes game developer Shanghai Giant Network Technology Co Ltd and e-commerce company Alibaba Group Holding Ltd (BABA.N) founder Jack Ma has agreed to acquire Caesars Interactive Entertainment Inc's online games unit for $4.4 billion in cash, the companies said.

Caesars Interactive Entertainment is currently owned by Caesars Acquisition Co (CAC) (CACQ.O) and Caesars Entertainment Corp CRZ.O. The sale will be a boon to the two affiliated companies, which are looking for cash as they embark on a complex merger.

The deal follows a period of exclusive negotiations between Caesars Interactive Entertainment and Giant's consortium that were first reported on July 21 by Reuters.

Caesars Entertainment's main operating unit, Caesars Entertainment Operating Co Inc (CEOC), is currently involved in an $18 billion bankruptcy and is seeking creditor approval for a restructuring plan. The transaction between CAC and...


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