International Game Technology PLC ("IGT") recently announced it has signed a definitive purchase agreement to sell its social casino subsidiary, Double Down Interactive LLC, to an affiliate of DoubleU Games Co., Ltd., a leading global social casino operator headquartered in Seoul, South Korea. The transaction establishes a new multi-year strategic partnership between IGT and DoubleU Games to provide innovative player experiences in the social casino market worldwide.
"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," said Marco Sala, CEO of IGT. "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."