Chinese consortium acquires Caesars Interactive Entertainment Inc online games

Q.  Chinese consortium Shaghai Giant Network Technology Co Ltd and e-commerce firm Alibaba group have joined hands to acquire which online games unit?
- Published on 01 Aug 16

a. Go Pokemon
b. No Man’s Sky
c. Caesars Interactive Entertainment Inc
d. ToysRUs

ANSWER: Caesars Interactive Entertainment Inc
 
Chinese consortium including game developer Shanghai Giant Network Technology Co Ltd and e-commerce film Alibaba Group Holding Ltd founder Jack Ma has agreed to acquire Caesars Interactive Entertainment Inc’s online games unit for USD 4.4 billion in cash.
  • Caesars Interactive Entertainment is currently owned by Caesars Acquisition Co and Caesars Entertainment Corp.
  • Sales will help two companies looking for cash as they embark on a complex merger.
  • Caesars Entertainment’s main operating unit, Caesar Entertainment Operating Co Inc is currently involved in a USD 18 billion bankruptcy and is seeking creditor approval for restructuring the plan.
  • Chinese companies are eager to expand beyond their home country which has the world’s largest online gaming market.
  • Chinese’s biggest gaming group agreed to purchase a majority stake in Clash of Clans mobile game maker Supercell from SoftBank Group Corp in an USD 8.6 billion deal.
  • Caesars online games business called Playtime makes games such as Bingo Blitz and Slotomania available on Apple Inc’s App Store.

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