International Games Technology (IGT) announced on Thursday that it has finalised the sale of its social casino subsidiary, Double Down Interactive, to an affiliate of DoubleU Games Co.
In April, the South Korean DoubleU affiliate agreed a deal to acquire Double Down Interactive for a cash purchase price of $825m.
IGT has said that it expects to use the proceeds from the transaction primarily to reduce debt.
“Today, we are also entering a long-term game development and distribution agreement with DoubleU Games for social casino content,” said Marco Sala, Chief Executive of IGT, in a statement included in Thursday’s release.
“This is an important development in supporting our strategy of leveraging our substantial content catalogue across multiple distribution platforms.”
He added: “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.”
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