International Game Technology has announced the sale of Double Down Games Double Down Interactive Studio. The transaction amount is 825 million dollars, reports Venture Beat.
IGT acquired Double Down Interactive in 2012 for $ 500 million. As specifies the edition, the transaction sum in 825 million dollars in 10,5 times exceeds annual profit of studio for 2016 (except taxes and other payments). The deal is expected to be completed in the second quarter of 2017. After that, an agreement between the companies will begin to operate. DoubleU Games will be able to create and promote games based on real IGT gaming machines.
A bit of history
The South Korean company DoubleU Games was established in May 2012. It employed four people, but later the staff grew to 150 employees. She develops casino games for mobile platforms and social networks. Among them are DoubleU Casino, DoubleU Bingo, Old 80’s Slots and others.
Double Down Interactive games were blocked in Russia in 2014, as they were allowed to play for real money. The decision was made by the Industrial District Court of Samara.
IGT was founded in 1990. In 2015, its revenues reached 4.69 billion dollars, their main source is the production and maintenance of gaming machines and related systems.
April 12, it became known about another similar transaction – the company Scientific Games, which produces equipment for the casino. They acquired a developer of mobile and social games Spicerack Media, but its amount was not disclosed.