IGT Online Gambling Agrees to Aquire DoubleDown Interactive
Considered the biggest virtual casino the DoubleDown™ Casino which has only been active since 2010, boasts 4.7 million users per month. The virtual casino offers blackjack, slots, slot tournaments, video poker, and roulette, to a global audience.
DoubleDown Interactive has a fast expanding base which global developer of online gaming solutions International Game Technology has agreed to acquire the online social gaming company. The sale details include a $250 million cash payment, $85 million in retention payments over the next two years and up to $165 million in cash payable over the next three years subject to Double Down meeting certain financial performance targets. Cash on hand will finance the acquisition.
Patti Hart, CEO of America based IGT, commented, “As technological innovations increasingly influence consumer behavior, social dynamics are quickly transforming entertainment and gaming experiences everywhere,” adding, “The addition of Double Down launches IGT into a leadership position in social gaming, extends our global reach through new mediums, and leverages our unmatched expertise in game development. We intend to drive meaningful value from this rapidly growing distribution platform that reaches a new, but complementary, demographic of gamers.”
Greg Enell, Chief Executive Officer of Double Down, said, “Double Down and IGT share complementary cultures focused on innovation and creativity. Both companies are committed to providing unrivaled quality, service and entertainment to millions of players,” “Leveraging IGT’s Research and Development, global reach, and best-in-class content will provide our loyal player base with an even more robust experience and is expected to augment Double Down’s growth trajectory.”
IGT which since the eighties has been making gambling machines branched out in 2010 to build the interactive division to develop mobile and online gaming solutions. Completion of the transaction is subject to usual closing conditions including, but not limited to, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
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