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    International Game Technology buying Double Down

    Associated Press – Thu, Jan 12, 2012

    LAS VEGAS (AP) — Slot machine maker International Game Technology said Thursday it will buy Double Down Interactive LLC, which developed the DoubleDown Casino on Facebook, in a deal worth up to $500 million in cash.

    IGT said it will pay $250 million in cash to acquire Double Down. The agreement also includes $85 million in employee retention payments over the next two years and $165 million in cash payable over the next three years based on Double Down's financial performance. IGT said DoubleDown Casino is the largest virtual casino and one of the most popular games on Facebook. It currently has 4.7 million active users per month.

    Assuming antitrust regulators approve the sale, IGT said it expects the deal to close during its fiscal second quarter, which ends in March. It said Double Down CEO Greg Enell will continue to lead the business, and Double Down's operations will remain in Seattle.

    IGT expects the acquisition to add to its adjusted profit in the current fiscal year. The company had $1.96 billion in revenue in its last fiscal year, which ended Sept. 30. It plans to fund the purchase with cash on hand.

    Shares of International Game Technology rose 52 cents, or 3 percent, to close at $17.78.

     

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