According to Marco Sala, IGT’s CEO, the purchase has helped the company grow into one of the biggest and most successful names in the North American social casino scene, but after years of organic growth and increasingly appealing valuation levels, they’ve decided it was the right time to “maximize” the value of Double Down for IGT’s shareholders. IGT were mostly tied to the regulated lottery and casino industry before purchasing Double Down for $500 million (app.) back in 2012 and stepping into the social casino sector.
The deal will also see both companies form a multi-year strategic partnership to combine IGT games and DoubleU Games’ social casino products in creating “innovative” experiences in the global social casino scene. In a press release this Monday, global online and land-based casino game suppliers IGT ( International Game Technology) have announced the sale of their social casino branch, Double Down Interactive LLC, to an affiliate of the Seoul-based social casino operators DoubleU Games.
