A consortium from China that includes Giant Interactive a game company based in China and Jack Ma’s private equity company has spent $4.4 billion to acquire Playtika, a maker of social and mobile casino games based in Israel.

Playtika currently a Caesars Interactive Entertainment subsidiary has made games like Slotomania, Bingo Blitz and House of Fun that are played on iOS and Android devices as well as Facebook.

The deal, which is all cash, comes from a consortium that includes Ma’s private equity company Yunfeng Capital, Giant Investment Limited, China Minsheng Trust, Oceanwide Holdings, Hony Capital Fund, and CHDChina HF Holdings.

The virtual currency that is used in the games made by Playtika will stay virtual and is not exchangeable for real currency, said the companies.

The companies added that World Series of Poker as well as real money online businesses owned by Caesars are not in this transaction.

When the transactions is completed, and it is expected to close prior to the end of this year, Playtika will continue running independently from its headquarters in Herzilya with its management team that is currently running its daily operations.

Robert Antokol the co-founder and CEO of Playtika said the company was hugely excited by the opportunities made available to the company by the consortium, particularly the ability it will provide in accessing rapidly growing and large emerging markets.

In 2011, Playtika was acquired by Caesars Interactive Entertainment for $150 million. Mobile and social games have helped increase net revenues of Caesars Acquisitions Company by 25.6% during 2015 to over $2.3 billion in comparison to just $1.9 billion during 2014.

Playtika’s growth curve has been very exceptional, and highlights the outstanding team, cutting edge data analytics, corporate culture and unique ability of transforming and growing games, said a consortium spokesperson for Shi Yuzhu the chairman and founder of Giant.

The mobile device industry has seen huge growth in the use of hand-held electronic devices to access the Internet, play games, pay bills and make phones amongst other things.

The advertising on mobile devices has increased tremendously over the past two years, with billions of dollars being spent by advertisers trying to reach mobile users.

The games industry has followed suit by seeing huge growth in its games being accessed and played on mobile electronic devices from smartphones to tablets.

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