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Gaming device maker International Game Technology (IGT) has a definitive deal to sell casino unit Double Down Interactive to an affiliate of South Korea’s DoubleU Games for $825M.
IGT says the deal also establishes a “multi-year strategic partnership” between the two companies to “provide innovative player experiences” in the social casino market. The game development, distribution and services agreement will grant DoubleU access to IGT’s casino game library, for which IGT will receive ongoing royalty payments.
DoubleDown was bought by IGT in 2012 for $500m and the deal represents a return of $325m on its initial investment.
