IGT sells Double Down Studio for $825 million

The manufacturer of slot machines International Game Technology has sold the studio-developer of social casinos Double Down Interactive to South Korean DoubleU Games for $825 million.

The deal became part of a strategic partnership between the companies.

“Thanks to this partnership, we are confident that in the future DoubleU Games will take the place of a global leader in the field of social casinos,” DoubleU said in a statement.

After the closing of the transaction, which is expected by the end of the second quarter, an agreement also begins to take effect between the companies, which will allow DoubleU Games to create and promote social casinos made by the franchise of real IGT machines. For their use, the Korean company will pay royalties to IGT.

International Game Technology bought Double Down in 2012 for $500 million.

Source: Venture Beat