Chinese consortium in talks to buy Playtika - report


The Chinese join the competition for the Israeli social games company , after a Korean gaming firm bid $4.3 billion, "Reuters" reports.

"Reuters" reported that the US casino and entertainment giant Caesars Interactive Entertainment is in talks to sell the Israeli social games firm Playtika to a Chinese consortium, including Giant Interactive Group, for an estimated $4.2 billion.

Earlier this month, it was reported that the Korean gaming firm Netmarble Games Corp had been in talks to buy Playtika for up to $4.3 billion.

In May, "The Wall Street Journal" reported that Caesars was considering selling Playtika and that it had hired the services of investment bank Raine Group to manage offers it had received, which value the company at $4 billion, at least.

Caesars acquired Playtika in 2011 from its two Israeli founders, Robert Antokol and Uri Shahak, the son of former IDF chief of staff Lt.Gen. Amnon Lipkin-Shahak. Antokol remains the company's CEO.

Since then, Playtika, has been managed as a completely independent unit within Caesars, and has become the world's leading player in the social games niche, as its results prove: $725 million in revenue last year, compared with $549 million in 2014 and "only" $54 million in the year the company was acquired. The company's revenue reached $218.2 million in the first quarter of 2016, 10% quarterly growth and 30% annualized growth, reflecting $900 million annualized revenue.

Published by Globes [online], Israel business news - - on July 24, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018