Brookfield Comprehensive Scientific Games Lottery Buy
Brookfield Business Partners has closed on a transaction with the recently branded Light & Wonder for the Scientific Games lottery unit. Brookfield retained the name of the nearly 50-year-old enterprise with lottery holdings all over the world even though the former owners of Scientific Games opted for a new brand to much more readily reflect the makeup of their enterprise going forward.
The Scientific Games name has been in use considering that 1973.
The sale was announced late last year among a flurry of other key mergers and acquisitions as much more and far more purely income firms enter the sector as added markets open up. Brookfield noted that the lottery company’s global headquarters would remain in Atlanta (Alpharetta), Georgia. The leadership team will remain intact there as nicely.
Nineteenth-Century Firm
Brookfield was first established in 1899 and manages more than $690 billion in assets. The megalith’s existing business activity is largely centered in the monetary centers of New York and Montreal and involves divisions focused on Renewable Power & Transition, Infrastructure, Actual Estate, Credit & Insurance Options, and of course, Private Equity.
Although the deal has been completely consummated except for Scientific Games International GmbH, and its two subsidiaries, all other obligatory regulatory approvals have been granted. Austria remains a holdout in the procedure with full approval expected there by early summer time and transaction completion quickly soon after.
Pat McHugh, CEO of Scientific Games and the former Lottery Group Chief Executive below the former corporate structure mentioned: “This marks an thrilling new chapter for Scientific Games and positions the business to build on the record development we achieved in 2021 across all components of our lottery business.”
He added, “Taking a long-term view of the organization, Brookfield is committed to providing Scientific Games with the flexibility and agility necessary to expand our deep product portfolio to meet the evolving requirements of our clients and their beneficiaries,” according to a press release from Scientific Games.
Deal Consumated in Less than 6 Months
The sale of Scientific Games’ lottery business was announced last October and on March 1 of this year, the organization unveiled a new brand for their world wide web and land-based gaming business – Light & Wonder.
Brookfield retaining the brand as effectively as the executive suite in the deal worth roughly $6b although the founding organization basically spins itself off to pursue its gaming and iGaming companies is a fairly uncommon but not unheard of transition for such an institution. Players don’t care a lot about regardless of whether a Powerball or a scratch ticket says Scientific Games or IGT (formerly GTECH/Lottomatica) on the back of it as the perception is that lotteries are run by the governments that administer them. But the ‘fresh new’ brand of Light & Wonder with an injection of $6 billion into it would appear to do a lot more than ‘allow it to focus on gaming’ – it creates a dynamic and formidable force to be reckoned with.
Source: Scientific Games Celebrates Sale to Brookfield, Scientific Games News, April four, 2022