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Gambling giant International Game Technology has announced that they've made the decision to sell off its Double Down Interactive social casino business to a South Korean firm for $825 million.
The sale will see the platform sold to affiliate group DoubleU Games Co. out of South Korea, and the deal will bring about the licensing of IGT's social slots, which are derived from many land-based games that have been converted. The agreement was agreed to by the IGT board of directors, and is expected to close in the second quarter of this year.
Double Down Casino is a social casino platform that is offered on social media platforms like Facebook as well as on mobile devices. The platform is one of the most popular social casinos in existence.
Speaking about the agreement IGT CEO Marco Sala said, "Since acquiring DoubleDown in 2012, IGT has grown it into one of the largest and most successful brands in the North American social casino market. After several years of strong, organic growth and increasingly attractive valuation levels, the time is right for us to maximize 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."
Double Down Games CEO Ga-Ram Kim also commented, noting: "This transaction represents a unique and value-accretive partnership combining the operational excellence of DoubleU Games with IGT's world-class slot content."
"With this partnership, we are excited and confident about DoubleU Games' future as a global leader in social casino."