Korean games company Netmarble Games is offering to buy social games company Playtika from Caesars Interactive Entertainment Inc, a subsidiary of casino giant Caesars Entertainment, for up to $4.3 billion.
The deal was reported in the South Korean media on Tuesday. According to the report, Netmarble, which develops games for mobile and is controlled by CJ Group, sent a letter of intent offering to buy Playtika for 4-5 trillion Korean won ($3.4-4.3 billion). The company also proposed raising three trillion won on the local stock market.
In May this year, "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 (unsought according to "The Wall Street Journal") that valued Playtika at at least $4 billion.
Caesar's unit Harrah bought Herzliya-based Playtika for $85 million in 2011.
Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2016
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