Apparently online gaming is the place to be, if this recent acquisition gives a hint about popularity of such activities. A Chinese consortium that includes Shanghai Giant Network Technology Co. Ltd. and Alibaba’s founder Jack Ma have agreed to acquire Caesars Interactive Entertainment Inc.’s online games unit. They are paying $4.4 billion in cash for this acquisition.
China has the world’s largest online gaming market at the moment. They are now looking to expand out of this bubble. Recently, for example, Tencent Holdings Ltd., China’s largest gaming group, agreed to purchase a majority stake in Supercell from SoftBank Group Corp. This deal was worth $8.6 billion.
Learn more about these deals and the plans that Chinese companies have for expansion.