International Game Technology (IGT) has agreed a deal to sell its Double Down Interactive LLC social casino subsidiary to an affiliate of DoubleU Games Co.
Under the definitive purchase agreement, social casino operator DoubleU Games, which is headquartered in Seoul, South Korea, will purchase the business unit for $825 million (€774.9 million).
IGT said the transaction “establishes a new multi-year strategic partnership between IGT and DoubleU Games to provide innovative player experiences in the social casino market worldwide”.
The firm added that funds from the acquisition will be used for general corporate purposes, including debt reduction.
Upon the closing of the sale, which is expected to go through before the end of the second quarter, the parties will enter a game development, distribution and services agreement, which will enable DoubleU Games to offer IGT’s casino games on its combined social casino platforms, in exchange for royalties to IGT.
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