The world leader in entertainment, offering games, services and solutions for the casino, lottery and gaming industry, Scientific Games (SG), announced that it completed the sale of its global lottery services to Brookfield Business Partners L.P.
SG Sells Its Lottery Services to Brookfield in a Multi-Billion-Dollar Deal
SG said Monday that thanks to the completion of the acquisition, it will now focus on offering services, games and technology to the sports betting and lottery industry globally. Initially, the company released details regarding the sale of its global lottery services back in October last year.
In a deal worth $5.8 billion, Brookfield Business Partners will acquire the global lottery services from SG. However, despite the takeover, the lottery will keep the Scientific Games name. Established in 1973, the global lottery service will keep Metro Atlanta as its global headquarters. Moreover, Brookfield will retain the entire senior leadership team. It’s important to mention that the sale of certain international SG’s Lottery Business subsidiaries remains subject to regulatory approval in Austria. That approval is expected at some point during the second quarter of this year.
Brookfield Business Partners is a company that was founded back in 1899. With more than $690 billion in managed assets, Brookfield is undoubtedly one of the most successful investment companies globally. Its business is mainly focused on operating and owning profitable businesses that offer services and products.
The Sale Marks an Exciting Moment for the Company
Looking to further expand its presence globally, SG became the latest company to announce rebranding last month. As a result, the company unveiled plans to change its name to Light & Wonder. The announcement coincided with the release of SG’s Q4 2021 financial results. The company explained that the rebranding is expected to be completed this June.
The Lottery Group’s chief executive, who will now continue to be a part of SG as CEO, Paul McHugh, commented on the topic. As a veteran with 25 years of experience within the lottery industry, he outlined that the sale marks an exciting moment for SG.
Moreover, he acknowledged that the company can now build “on the record growth we achieved in 2021 across all parts of our lottery business.” In conclusion, McHugh explained that SG’s collaboration with Brookfield will help increase the company’s flexibility while at the same time allowing it to expand its “deep product portfolio to meet the evolving needs of our customers and their beneficiaries.”