International Game Technology (IGT) announced this week that it has completed the previously announced sale of its social casino subsidiary, Double Down Interactive LLC, to an affiliate of DoubleU Games Co., Ltd. The cash purchase price was $825 million, according to IGT.
IGT says it expects to use the proceeds from the transaction primarily to reduce debt.
"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. "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."