A Chinese consortium has agreed to shell out $4.4 billion for Israeli social casino firm Playtika in an all-cash deal.

The offer trumps Netmarble's recent $4.3 billion bid to acquire the company.

The consortium includes affiliates of Giant, which is one of China's largest online game companies, and Yunfeng Capital, a private equity firm founded by Alibaba's Executive Chairman Jack Ma.

Arm's length

Playtika, which was previously a subsidiary of Caesars Interactive Entertainment, will continue to function independently following the $4.4 billion deal.

It will operate out of its Herzliya, Israel headquarters with its existing management team remaining in place.

"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 Playtika CEO Robert Antokol.

"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."