A consortium of Chinese companies, led by Giant, will buy Israeli casino game company Playtika for $4.4 billion.
Playtika, which is based out of Herzliya, Israel, was owned by Caesars Interactive Entertainment.
Caesars is selling off the gambling game to clean out its debt.
Under the agreement, Playtika will continue to roperate out of Herzliya, Israel and will retain its existing management team.
"This transaction is a testament to Playtika’s unique culture and the innovative spirit of our employees who for the past six years have consistently designed, produced and operated some of the most compelling, immersive and creative social games in the world,” said Robert Antokol, cofounder and CEO of Playtika, in a statement.
“We are incredibly excited by the commercial opportunities the Consortium will make available to us, particularly in its ability to provide us access to large and rapidly growing emerging markets. This is an amazing milestone for all Playtikans and we truly value how unique this opportunity is to continue executing our vision with such a strong partner.”
Giant's founder and Chairman Shi Yuzhu praised “Playtika’s growth" as"exceptional," citing "its outstanding team, excellent corporate culture, cutting-edge big data analytics, and its unique ability to transform and grow games,”
“We are looking forward to Playtika continuing to innovate and excel,” he added.
The transaction is subject to customary regulatory approvals and other closing conditions, and is expected to close in the third or fourth calendar quarter of 2016.