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Seattle-based Double Down Interactive has operated the popular DoubleDown Casino on Facebook since April 2004 and
IGT revealed that it is ready to spend $500 million in order to purchase the business.
“As technological innovations increasingly influence consumer behavior, social dynamics are quickly transforming entertainment and gaming experiences everywhere,'
said Patti Hart, Chief Executive Officer for Las Vegas based IGT.
“The addition of Double Down Interaction 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.”
IGT stated that completion of the transaction is subject to ‘customary closing conditions’ including the ‘expiration or termination’ of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act and other ‘post-closing adjustments’. The agreed deal would see IGT hand over $250 million in cash from its existing reserves up front in addition
to $85 million in retention payments over the next two years. There would also be a maximum of $165 million due over the next three years dependent on
Double Down Interactive meeting certain financial targets.
“Double Down and IGT share complementary cultures focused on innovation and creativity,” s
aid Greg Enell, Chief Executive Officer for Double Down Interactive.
“Both companies are committed to providing unrivaled quality, service and entertainment to millions of players.
Source
IGT revealed that it is ready to spend $500 million in order to purchase the business.
“As technological innovations increasingly influence consumer behavior, social dynamics are quickly transforming entertainment and gaming experiences everywhere,'
said Patti Hart, Chief Executive Officer for Las Vegas based IGT.
“The addition of Double Down Interaction 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.”
IGT stated that completion of the transaction is subject to ‘customary closing conditions’ including the ‘expiration or termination’ of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act and other ‘post-closing adjustments’. The agreed deal would see IGT hand over $250 million in cash from its existing reserves up front in addition
to $85 million in retention payments over the next two years. There would also be a maximum of $165 million due over the next three years dependent on
Double Down Interactive meeting certain financial targets.
“Double Down and IGT share complementary cultures focused on innovation and creativity,” s
aid Greg Enell, Chief Executive Officer for Double Down Interactive.
“Both companies are committed to providing unrivaled quality, service and entertainment to millions of players.
Source