IGT is one of the most important gaming providers globally and just a few hours ago they announced that they have signed a «definitive agreement” – as it was called by the company’s governance- to sell its social casino subsidiary Double Down Interactive (Double Down) to South Korean games developer DoubleU Games (DoubleU). As far as the cost of the sale is concerned, IGT governance told investors that it had agreed to sell its social casino asset for $825 million. Moreover, they will seek for a strategic partnership with DoubleU, in order to enhance the players’ experiences for gambling and social gaming. DoubleU has acquired the content rights to IGT’s casino games portfolio and that means that will become the lead developer of IGT titles for social gaming verticals.
Marco Sala, who is the CEO of IGT commented on the sale: «After several years of strong, organic growth and increasingly attractive valuation levels, the time is right for us to maximise the value of this asset for our shareholders. We will continue participating in the growth of the social casino market through our multi-year, strategic partnership with DoubleU Games.».