IGT Dumps Double Down

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.

More at iGaming Business

Related Stories from This Week in Gambling:

  • Greek Financial Crisis Could Cost IGT & Scientific Games Millions At first glance, it appeared the Greece financial crisis had dipped into the country’s lottery network. Instead, the Greek company that operates the nation’s lottery implemented what one analyst called “a hard-nosed negotiation tactic” to extract more favorable contract terms after […]
  • Scientific Games & IGT Strike a Deal Casino equipment maker International Game Technology Plc says it has reached what it called a “patent cross-licensing agreement” with one of its biggest market rivals, casino technology and lottery services provider Scientific Games Corp. A short press announcement from IGT on Tuesday […]
  • IGT signs Loto-Quebec deal From iGaming Business American computerised gaming equipment and systems designer and manufacturer International Game Technology (IGT) has signed a deal to give provincial lottery operator Loto-Quebec access to its entire online and mobile games library. Las Vegas-based […]