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Scientific Games announces US$6 billion sale of lottery business

Newsdesk by Newsdesk
Thu 28 Oct 2021 at 13:06
Hong Kong Jockey Club to resume Mark Six lottery from 24 September
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Scientific Games Corporation has announced the sale of its lottery business to US asset management firm Brookfield Business Partners LP in a massive US$6.05 billion deal.

According to details released by Scientific Games on Thursday morning (Asia time), the sale will comprise US$5.825 billion in cash and an earn-out of up to US$225 million based on the achievement of certain EBITDA targets in 2022 and 2023. The transaction is expected to close in the second quarter of 2022.

News of the sale puts an end to speculation that Scientific Games was preparing to list its lottery business on the Australian Securities Exchange as part of the company’s efforts to reduce debt.

“This transaction is transformative in accelerating the delivery of our stated strategy to optimize our portfolio, aggressively de-lever our balance sheet and position us to invest in future growth,” said President and CEO, Barry Cottle.

“We conducted a thorough review of paths to divest the Lottery business and we are confident that this transaction maximizes value and certainty while minimizing complexity and execution risk, and positions both Scientific Games and SG Lottery for continued success along their unique growth trajectories.

“The significant near-term proceeds from this transaction as well as our previously announced sale of Sports Betting will transform our balance sheet and provide the financial flexibility to invest organically and inorganically to accelerate our strategies. This marks a major milestone and puts us on a clear path to achieve our vision to become the leading cross-platform global game company and unlock our full value for shareholders.”

Scientific Games says its lottery arm conducts business with more than 130 government and non-government lottery entities in over 50 countries.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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