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Non-Tech : International Game Technology

IGT 16.09

+2.7%

Dec 19 3:59 PM EST

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From: Glenn Petersen	1/13/2012 7:37:00 AM
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Slot Maker IGT to Buy Facebook Casino By DREW FITZGERALD Wall Street Journal January 12, 2012, 5:49 P.M ET Slot-machine maker International Game Technology said it will acquire social-media developer Double Down Interactive LLC for up to $500 million, placing a large bet on the future revenue potential of online gamers. In addition to $250 million in cash, IGT promised $85 million in retention payments over the next two years and up to $165 million performance-based payments for the next three years. The company said it will fund the acquisition using cash on hand. Launched in 2010 on Facebook, DoubleDown calls itself the world's largest virtual casino and boasts 4.7 million monthly active users, according to information provider AppData.com IGT said the deal will give it a foothold in casino-style social gaming while broadening its own titles' appeal. "We intend to drive meaningful value from this rapidly growing distribution platform that reaches a new, but complementary, demographic of gamers," IGT Chief Executive Patti Hart said. IGT expects the acquisition to add to its adjusted fiscal 2012 earnings. The deal is expected to close fiscal second quarter. Write to Drew FitzGerald at andrew.fitzgerald@dowjones.com online.wsj.com

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