The Las Vegas based Slot-machine maker International Game Technology (IGT) has confirmed that it intends acquiring Double Down Interactive LLC, the leading social media developer for up to $500 million.

Double Down Interactive has been operating since 2004 and due to its popular Double Down Casino, it has a powerful presence on Facebook, the social networking site.

In terms of the acquisition International Game Technology will pay $250 million upfront in cash for Double Down and a further amount of $85 million in retention payments over the following two years. A further amount of $165 million performance-based payments will be paid for the following three years. International Game Technology intends funding the acquisition by using cash on hand.
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