IGT Buys Online Gaming Double Down Interactive
15 January 2012
Though there seems to be no big moves so far federally since the DoJ reversal of opinion on the wire act, some states like Nevada are moving fast to get an infrastructure in place to handle the wave on online gambling players.
So it only makes since that companies within the state of Nevada are getting in line as well to take advantage. Slot machine make International Game Technology (IGT), based in Nevada, is one of the companies. They have reached an agreement to purchase online gaming company Double Down Interactive.
IGT Chief Executive Officer Patti Hart said in a joint statement:
“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.”
Double Down Chief Executive Officer Greg Enell added about the possible $500 million deal:
“Double Down and IGT share complementary cultures focused on innovation and creativity. Both companies are committed to providing unrivaled quality, service and entertainment to millions of players. Leveraging IGT’s research and development, global reach, and best-in-class content will provide our loyal player base with an even more robust experience and is expected to augment Double Down’s growth trajectory.”
The deal breaks down as $250 million in cash, $85 million in retention payments and an additional payout of $165 million over three years.
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