Thursday, January 12, 2012

Double Down Interactive SoldTo IGT For $500M

Seattle-based Double Down Interactive, the developer of social games on Facebook focused on gambling, has been acquired by gambling equipment maker International Game Technology, in a deal worth $500M, consisting of $250M in cash, $85M in retention payments, and up to $165 in earnout. Double Down is the maker of DoubleDown Casino, a popular Facebook game offering blackjack, slots, slot tournaments, video poker, and roulette. IGT said the move will help it broaden its gaming titles beyond physical casinos to Facebook. IGT said that Double Down will remain in Seattle, and continue to be headed by Greg Enell.