Canada apos;s Brookfield To Buy Scientific Games apos; Lottery Business For...
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| - | <br>Oct 27 (Reuters) - Scientific Games Corp, a U.S. maker of slot machines, said on Wednesday that Canadian investment company Brookfield Business Partners, will buy its lottery business for $6.05 billion.<br> <br>The deal will consist of $5.825 billion in cash and an additional payment of up to $225 million based on achievement of certain profitability goals in 2022 and 2023.<br><br>It is expected to close in the second quarter of next year, Scientific Games said.<br> <br>With demand for online game surging during the pandemic, Las Vegas-based Scientific Games had earlier announced a plan to divest its lottery and sports-betting businesses to focus on gaming and digital content provider.<br> <br>According to its website, it handles lottery games in more than 50 countries.<br><br>The lottery business has also attracted interest from private equity firm Apollo Global Management Inc, a Bloomberg report said.<br> <br>Brookfield said the deal for the lottery business will be funded with about $2.6 billion of equity, of which 30% will be raised through existing funds and the rest from its institutional partners.<br> <br>Last month, Reuters reported that Scientific Games is also seeking to list its predominantly North American and European lotteries unit in Australia in a $5 billion IPO.<br> <br>The | + | <br>Oct 27 (Reuters) - Scientific Games Corp, a U.S. maker of slot machines, said on Wednesday that Canadian investment company Brookfield Business Partners, will buy its lottery business for $6.05 billion.<br> <br>The deal will consist of $5.825 billion in cash and an additional payment of up to $225 million based on achievement of certain profitability goals in 2022 and 2023.<br><br>It is expected to close in the second quarter of next year, Scientific Games said.<br> <br>With demand for online game surging during the pandemic, Las [https://www.medcheck-up.com/?s=Vegas-based%20Scientific Vegas-based Scientific] Games had earlier announced a plan to divest its lottery and sports-betting businesses to focus on gaming and digital content provider.<br> <br>According to its website, it handles lottery games in more than 50 countries.<br><br>The lottery business has also attracted interest from private equity firm Apollo Global Management Inc, a Bloomberg report said.<br> <br>Brookfield said the deal for the lottery business will be funded with about $2.6 billion of equity, of which 30% will be raised through existing funds and the rest from its institutional partners.<br> <br>Last month, Reuters reported that Scientific Games is also seeking to list its predominantly North American and European lotteries unit in Australia in a $5 billion IPO.<br> <br>The company had in September also sold its sports betting business OpenBet to Endeavor Group Holdings Inc, the owner of the Ultimate Fighting Championship for $1.2 billion in cash and stock.<br><br>(Reporting by Maria Ponnezhath and Tiyashi Datta in Bengaluru; Editing by Arun Koyyur)<br><br><br><br>If you cherished this article so you would like to obtain more info about lion4dbet ([http://www.coopnonsoloneve.org/2018/forum/profile/shirleendionne6/ www.coopnonsoloneve.org]) i implore you to visit our website. |
