Scientific Games sold a stake to Australian fund

Home » Scientific Games sold a stake to Australian fund

An Australian fund purchased a 34.9 per cent stake in Scientific Games.

Australian fund Caledonia will buy the stake from MacAndrews and Forbes Incorporated.

Billionaire investor Ron Perelman manages MacAndrews and Forbes. He said earlier this year he wanted a “less complicated and less leveraged business life”. He has been looking for ways to reduce his portfolio as some of his companies have been impacted by the pandemic.

Caledonia has reached an agreement with MacAndrews and Forbes to buy 35 per cent of Scientific Games, at a price of $28 per share. It is a Sydney-headquartered global investment management firm.

Scientific Games noticed that as a result of the transaction it would implement a range of governance changes and improvements.

The investor owns a 10.4 per cent stake in Dublin-based Flutter Entertainment. It owns important brands like Paddy Power, PokerStars and Sky Betting.

Additionally, Scientific Games said its board will be restructured to include all existing directors, as well as three new directors.

The two MacAndrews and Forbes representatives Barry Schwartz and Frances Townsend will leave following the completion of the transaction. And, Mr Perelman as executive chairman of the Scientific Games Board will be serving as an additional independent non-executive director.

As land-based casinos using the company’s gambling machines closed doors because of the virus. So, earlier this year, shares in Scientific Games decreased.

Also, the company recently announced that it will present in regulated US sports betting markets.

Moreover, in early September, the company extended an existing partnership with Wynn Sports.

Click here to visit official page of Scientific Games.

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