International Game Technology (IGT) has completed the sale of its Double Down Interactive social casino subsidiary to an affiliate of DoubleU Games Co.
In April, the DoubleU affiliate agreed a deal to acquire the business for a cash purchase price of $825m (€735.3m).
IGT has now said that it intends to use the funds generated by the acquisition to help reduce debt at the company.
Marco Sala, chief executive of IGT, added: “We are also entering into a long-term game development and distribution agreement with DoubleU Games for social casino content.
“This is an important development in supporting our strategy of leveraging our substantial content catalogue across multiple distribution platforms.
“Through this partnership with DoubleU, we will continue participating in the social casino market, as we will be collecting ongoing royalties on our casino game content.”
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