Upon the closing of the sale, the parties will enter into a game development, distribution and services agreement which will enable DoubleU Games to offer IGT's extensive casino game library on DoubleU Games' combined social casino platforms, in exchange for ongoing royalties to IGT. IGT will provide an updated financial outlook that includes the full impact of this transaction in late May, in conjunction with its first quarter of 2017 results. Proceeds from the transaction will be used for general corporate purposes, including debt reduction. The cash purchase price is $825 million, which represents 10.5x DoubleDown's full-year 2016 Adjusted EBITDA. 'With this partnership, we are excited and confident about DoubleU Games' future as a global leader in social casino.' 'This transaction represents a unique and value-accretive partnership combining the operational excellence of DoubleU Games with IGT's world class slot content,' said Ga-Ram Kim, CEO of DoubleU Games. We will continue participating in the growth of the social casino market through our multi-year, strategic partnership with DoubleU Games.'

'After several years of strong, organic growth and increasingly attractive valuation levels, the time is right for us to maximize the value of this asset for our shareholders. 'Since acquiring DoubleDown in 2012, IGT has grown it into one of the largest and most successful brands in the North American social casino market,' said Marco Sala, CEO of IGT. The transaction establishes a new multi-year strategic partnership between IGT and DoubleU Games to provide innovative player experiences in the social casino market worldwide.

LONDON, Ap/PRNewswire/ - International Game Technology PLC ('IGT') (NYSE:IGT) today announced it has signed a definitive purchase agreement to sell its social casino subsidiary, Double Down Interactive LLC, to an affiliate of DoubleU Games Co., Ltd., a leading global social casino operator headquartered in Seoul, South Korea.

IGT Announces Agreement To Sell Double Down Interactive LLC To DoubleU Games As Part Of New Strategic Partnership In Social Casino IGT Announces Agreement To Sell Double Down Interactive LLC To DoubleU Games As Part Of New Strategic Partnership In Social Casino

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