IGT to Acquire DoubleDown Interactive – 01-16-12
Written by Elizabeth Officer on January 16, 2012 – 11:27 pm
January 16 International Game Technology (IGT), the Las Vegas-based gaming giant has announced its intention to acquire leading online social games developer, DoubleDown Interactive.
IGT will spend up to $500 million to acquire the group, which has been in operation since 2004, and has a powerful presence on social networking site, Facebook thanks to its popular DoubleDown Casino.
The deal for IGT to acquire DoubleDown Interactive will see it pay $250 million in cash upfront, $85 million in retention payments over the next two years, plus an additional $165 million over the next three years, depending on whether DoubleDown hits pre-agreed financial targets.
“The addition of DoubleDown Interactive launches IGT into a leadership position in social gaming, extends our global reach through new mediums and leverages our unmatched expertise in game development,” said the Chief Executive Officer for IGT, Patti Hart.
Tags: Doubledown, Doubledown Interactive
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