Caesar Interactive Entertainment (CIE) is divesting its social gaming division, Playtika, for an impressive $4.4 billion. The purchaser? A group supported by a branch of Shanghai Giant Network Technology, a prominent entity in the online gaming realm.

Rumors circulated regarding a possible CIE acquisition, with the estimated value hovering around $4 billion. The Wall Street Journal indicated interest from multiple gaming firms, and Bloomberg even cited a $4 billion proposal.

Evidently, CIE’s mobile gaming sector was the crown jewel of this transaction. Consider this – in the initial quarter of 2016 alone, CIE’s earnings surged by 29% to $2.28 billion. They attributed this rapid expansion to the triumph of their social and mobile games, particularly their effectiveness in monetizing their engaged user community.

Important to mention: CIE is retaining its World Series of Poker trademark and its real-money online gaming activities. These are excluded from the agreement.

This entire Playtika narrative originated in 2011 when Harrah’s (which subsequently transformed into Caesars Entertainment) secured a 51% ownership in the company for a substantial $90 million, with the prerogative to acquire the remainder later. And what do you know? They exercised that option, purchasing the outstanding 49% later that year, as per The Globe and Mail.

Looking ahead, the transaction is projected to finalize sometime within the third or fourth quarter of 2016, with Playtika maintaining its central office in Israel.

Yasuhiro Shi, Giant Network’s founder and chairman, commended Playtika, stating, “Their triumph is a testament to their exceptional team, robust company ethos, advanced data analytics, and unparalleled capability to revitalize and expand games.”

Mitch Garber, Chief Executive Officer of Caesars Interactive Entertainment (CIE), reminisced about their experience with Playtika since its acquisition in 2011. He remarked on evolving the company from a modest start-up with a limited staff to a global powerhouse in the gaming sector.

Garber added, “Playtika is now a highly lucrative and swiftly expanding enterprise with over 1300 employees, a collection of successful games, and millions of daily active players. Robert, a true innovator and captain in the Israeli business realm, has not only established a remarkable company but also nurtured one of the most distinctive company cultures I’ve ever witnessed.”

This announcement was made in advance of Caesars Entertainment’s second-quarter financial outcomes for 2016, which were slated to be disclosed the subsequent Tuesday.