Slot-Machine Maker Buys Facebook Casino Gamemaker (IGT, ZNGA)
With the Facebook IPO bus scheduled to leave the station sometime this year, there is very likely to be rush to get onboard. Slot machine maker International Gaming Technology (NYSE: IGT) is going to pay up to $500 million for…
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Recently public gamemaker Zynga Inc. (NASDAQ: ZNGA) could reap the benefits of more interest in games, especially casino games, on Facebook. IGT is paying about $100 for each of Double Down’s approximately 5 million players. Zynga claims 30 million players for its online poker game. That’s about half Znyga’s current market cap.
IGT’s shares are down about -2% at noon today at $17.40, in a 52-week range of $13.38-$;19.15. Znyga’s shares are up about 2% at $8.62, in a range of $7.97-$11.50. Zynga’s shares went public at $10, so the company still qualifies as a busted IPO.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.