“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, in a statement. 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 go toward general corporate purposes, including debt reduction. The cash purchase price, $825 million, represents 10.5 times DoubleDown’s full-year 2016 adjusted earnings before income taxes, depreciation and amortization (EBITDA), a measure of profitability. It should be completed in the second quarter of 2017. The sale is subject to customary closing conditions, including regulatory approvals. 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 IGT CEO Marco Sala in a statement. Seoul-based DoubleU games will partner with IGT over multiple years to promote social casino games around the world.

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