IGT Friend Requests DoubleDown Casino on Facebook

International Game Technology (IGT), a top US gaming developer and manufacturer, has agreed to buy Double Down Interactive, a social games developer best known for it popular gaming site on Facebook, DoubleDown Casino.

IGT is reportedly so eager to enter the lucrative social networking market, that it is prepared to acquire Double Down Interactive for a whopping $500 million, which since April of 2004, has operated DoubleDown Casino on Facebook.

Acquisition Will Put IGT in the Heart of Social Gaming

Said International Game Technology CEO, Patti Hart, 'The addition of Double Down Interactive launches IGT into a leadership position in social gaming, and extends our global reach through new mediums and leverages our unmatched expertise in game development.

'As technological innovations increasingly influence consumer behavior, social dynamics are transforming entertainment and gaming experiences everywhere. We intend to derive meaningful value from this rapidly growing distribution platform that reaches a new but complementary demographic of gamers,' she said.

According to IGT, the acquisition of DoubleDown Casino must meet a host of pre-agreed terms and conditions before it's a done deal, which is expected to be finalised by the second quarter of this year.

In terms of the massive half a billion dollar price tag, IGT is expected to pay Double Down Interactive $250 million up front in cash, $85 million in retention payments over the next two years, and up to $165 million over the next three years provided it meets certain financial targets.

Double Down and IGT Have Complementary Cultures

Said Double Down Interactive CEO, Greg Enell, '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 Interactive's growth trajectory, he said.