IGT completes sale of DoubleDown

International Game Technology (IGT) has completed the sale of its social casino subsidiary, Double Down Interactive LLC to DoubleU Games Co. Ltd for a cash consideration of $825 million (see previous  reports).

In addition, under the sale agreement, IGT has entered into a long-term game development and distribution partnership with DoubleU Games for social casino content.

“This is an important development in supporting our strategy of leveraging our substantial content catalogue across multiple distribution platforms,” Marco Sala, chief executive officer of IGT, said.

“Through this partnership with DoubleU, we will continue participating in the social casino market, as we will be collecting ongoing royalties on our casino game content.”

The proceeds of the transaction will primarily be used by IGT to reduce debt.

Related and similar