IGT Completes Social Casino Deal With DoubleU Games

Published Monday, June 05, 2017 - Online-Casinos.com
IGT Completes Social Casino Deal With DoubleU Games

International Game Technology, which was formerly Gtech  and Lottomatica, is now a multinational gaming company that produces slot machines and other gaming technology. The company is headquartered in London, with major offices in Rome, Providence, and Las Vegas USA. In July of 2014, Gtech agreed to acquire International Game Technology (IGT), the world's largest slot machine manufacturer, for a total of $6.4 billion, including $4.7 billion in cash and $1.7 billion in assumed debt. The companies combined under a new holding company based in the United Kingdom, and the Gtech name was dropped in favor of IGT. The merger was finalized in April of 2015.

In April of 2017 IGT agreed to a deal to let go of its Double Down Interactive LLC social casino subsidiary to an affiliate of DoubleU Games Co. The purchase agreement proposes social casino operator DoubleU Games, headquartered in Seoul, South Korea, will purchase the business unit for $825 million (€774.9 million). IGT said the arrangement, “establishes a new multi-year strategic partnership between IGT and DoubleU Games to provide innovative player experiences in the social casino market worldwide”.

Now in June of 2017 as expected the sale of the of its Double Down Interactive social casino subsidiary to an affiliate of DoubleU Games Co. has been completed for the agreed purchase price.  

IGT stated its intention to process the funds generated by the acquisition to help reduce debt. Chief Executive Officer for IGT Marco Sala, remarked, “We are also entering into a long-term game development and distribution agreement with DoubleU Games for social casino content.” Sala continued, “This is an important development in supporting our strategy of leveraging our substantial content catalogue across multiple distribution platforms."

“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.”

 

 

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