International Game Technology to Acquire Social Gaming Company Double Down Interactive; Combination allows IGT to leverage Facebook distribution channel
International Game Technology (NYSE: IGT) as well as online and mobile gaming solutions for regulated markets, has reached a definitive agreement to acquire Double Down Interactive LLC – a leading online social gaming company and developer of the popular DoubleDown™ Casino found on Facebook.
Launched in April 2010, the DoubleDown™ Casino is the world's largest virtual casino and one of the top 4 social media games in 2011 as rated by Facebook. According to AppData.com, DoubleDown™ Casino currently has 4.7 million monthly active users, up from 3.3 million in October 2011. With a broad and expanding portfolio, Double Down offers blackjack, slots, slot tournaments, video poker, and roulette to social gamers all around the world.
The total consideration includes $250 million in cash, $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. IGT expects to fund the transaction from cash on hand.
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