IGT in Double Down deal

lopers International Game Technology (IGT) have agreed a deal to acquire online social gaming company Double Down Interactive.

IGT are to purchase the firm, developers of the popular DoubleDown Casino on Facebook, for a total consideration that could reach $500m.

The deal is comprised of $250m in cash plus $85m in retention payments over the next two years, in addition to up to $165m in cash payable over the next three years if Double Down meets certain financial performance targets.

The final purchase price is subject to certain post-closing adjustments, while the completion of the deal is subject to customary closing conditions.

The deal will allow IGT to broaden their range of gaming titles beyond physical casinos onto Facebook.

Launched in April 2010, DoubleDown Casino is the world’s largest virtual casino with 4.7 million monthly active users.

The casino offers blackjack, slots, slot tournaments, video poker and roulette to players around the world.

IGT CEO Patti Hart said: “The addition of Double Down launches IGT into a leadership position in social gaming, extends our global reach through new mediums, and leverages our unmatched expertise in game development.

“We intend to drive meaningful value from this rapidly growing distribution platform that reaches a new, but complementary, demographic of gamers.”