Monday, August 1, 2016

No Bargains in Gaza?

From the Wall Street Journal comes the news a Chinese company has agreed to pay $4.4 billion for an Israeli online gaming company.


SHANGHAI—A Chinese consortium led by Shanghai Giant Network Technology Co. and joined by a fleet of financial moguls including a private-equity arm set up by Alibaba founder Jack Ma has agreed to purchase an Israeli games business for $4.4 billion in cash.
The consortium of 11 investors—including Giant Investment Ltd., Yunfeng Capital, a private-equity firm co-founded by Alibaba Group Holding ’s Mr. Ma, China Oceanwide Holdings Group Co., China Minsheng Trust Co., CDH China HF Holdings Company and Hony Capital Fund—will purchase a 100% stake in Caesars Interactive Entertainment’s subsidiaries, including mobile-games unit Playtika. A statement announcing the deal was released Sunday by Shenzhen-listed Chongqing New Century Cruise Co., a shell company bought by Giant Interactive Group last year.
Caesars Interactive Entertainment is a subsidiary under a joint venture between Caesars Acquisition Co. and Caesars Entertainment Corp. It has developed casino-style games including Caesars Casino, Bingo Blitz and World Series of Poker. The deal doesn’t include World Series of Poker and CIE’s real-money online gaming business.
The deal, underscoring the Chinese game developer’s ambition to expand overseas, is another big Israel-focused move by a Chinese firm. China National Chemical Corp. paid $1.44 billion for a 40% stake in crop-protection producer Adama Agricultural Solutions in July and last year Shanghai Bright Food took over Tnuva, Israel’s largest food producer, for more than $2 billion."

Apparently Chinese investors have little interest in enterprises from Gaza.

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