PROVIDENCE – International Game Technology PLC finalized a deal to sell its subsidiary Double Down Interactive LLC for $825 million to an affiliate of DoubleU Games Co. Ltd., a social casino operator based in Seoul, South Korea.
The deal also included a game development, distributions and services agreement to provide DoubleU with access to IGT’s casino game library, for which DoubleU Games will pay IGT royalties.
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“Today, we are also entering into a long-term game development and distribution agreement with DoubleU Games for social casino content,” said Marco Sala, CEO of IGT in a press release issued Thursday. “This is an important development in supporting our strategy of leveraging our substantial content catalog 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.”
The company said it expects to use the money from the sale to reduce its debt.
The sale of Double Down had been announced months ago, and in the company’s quarterly financial statement, the sale was projected to boost the company’s second-quarter performance. IGT reported that at the time of filing in May, it carried $7.4 billion in debt.
Chris Bergenheim is the PBN web editor.
