The conditions of the agreement have already been approved by the brain trusts of both IGT and DoubleU Games but the companies will have to obtain the approval of regulatory authorities prior to the expected closing of the DoubleDown gaming operations in the second quarter of 2017, when the sale will officially be completed. According to the terms of the agreement, the two companies have reached, IGT will sell its social gaming division for the sum of $825 million which amounts to 10.5 times the adjusted EBITDA (earning before interest, taxes, depreciation and amortization) of DoubleDown Interactive for the financial year of 2016.

The new deal marks the beginning of a multi-year strategic partnership between the two parties. Representatives of the Las Vegas-based company released a statement to confirm they have officially reached an agreement with DoubleU Games which is to purchase IGT’s social gaming operations. American gambling solutions supplier IGT (International Game Technology) announced it intends to sell its DoubleDown Interactive online casino operations to the South Korean social gaming operator DoubleU Games, which is based in the country’s capital of Seoul.

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