International Game Technology PLC ("IGT") recently announced that it has completed the previously announced sale of its social casino subsidiary, Double Down Interactive LLC, to an affiliate of DoubleU Games Co., Ltd. for a cash purchase price of $825 million. IGT expects to use the proceeds from the transaction primarily to reduce debt.
"Today, we are also entering into a long-term game development and distribution agreement with DoubleU Games for social casino content," said Marco Sala, CEO of IGT. "This is an important development in supporting our strategy of leveraging our substantial content catalogue across multiple distribution platforms. Through this partnership with DoubleU, we will continue participating in the social casino market, as we will be collecting ongoing royalties on our casino game content."
The Raine Group and Credit Suisse International are acting as financial advisors to IGT, and Wachtell, Lipton, Rosen & Katz and Cooley LLP are providing legal counsel. Deutsche Bank is acting as financial advisor to DoubleU Games, and Kim & Chang and Morgan Lewis & Bockius LLP are providing legal counsel.