Brookfield Complete Scientific Games Lottery Acquire
Brookfield Company Partners has closed on a transaction with the recently branded Light & Wonder for the Scientific Games lottery unit. Brookfield retained the name of the almost 50-year-old company with lottery holdings all more than the world although the former owners of Scientific Games opted for a new brand to more readily reflect the makeup of their business going forward.
The Scientific Games name has been in use given that 1973.
The sale was announced late last year among a flurry of other main mergers and acquisitions as more and more purely cash businesses enter the sector as extra 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 well.
Brookfield was first established in 1899 and manages more than $690 billion in assets. The megalith’s present enterprise activity is mainly centered in the monetary centers of New York and Montreal and includes divisions focused on Renewable Power & Transition, Infrastructure, True Estate, Credit & Insurance Options, and of course, Private Equity.
While the deal has been fully 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 approach with full approval anticipated there by early summer and transaction completion soon soon after.
Pat McHugh, CEO of Scientific Games and the former Lottery Group Chief Executive below the former corporate structure stated: “This marks an exciting new chapter for Scientific Games and positions the company to develop on the record growth we accomplished in 2021 across all components of our lottery organization.”
He added, “Taking a extended-term view of the enterprise, Brookfield is committed to supplying Scientific Games with the flexibility and agility needed to expand our deep item portfolio to meet the evolving requirements of our customers and their beneficiaries,” according to a press release from Scientific Games.
Deal Consumated in Much less than 6 Months
The sale of Scientific Games’ lottery enterprise was announced final October and on March 1 of this year, the organization unveiled a new brand for their internet and land-based gaming company – Light & Wonder.
Brookfield retaining the brand as effectively as the executive suite in the deal worth roughly $6b whilst the founding company basically spins itself off to pursue its gaming and iGaming firms is a pretty rare but not unheard of transition for such an institution. Players don’t care significantly about whether or not 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 $six billion into it would appear to do much more than ‘allow it to concentrate on gaming’ – it creates a dynamic and formidable force to be reckoned with.
Supply: Scientific Games Celebrates Sale to Brookfield, Scientific Games News, April 4, 2022