Scientific Games has entered into a definitive agreement to sell its Lottery business to private equity company Brookfield Business Partners for $6.05bn (£4.40bn/€5.21bn).
The deal includes an initial $5.83bn in cash and an earn-out of up to $225m, based on the business achieving certain earnings before interest, tax, depreciation and amortisation targets in 2022 and 2023.
Scientific Games’ lottery business works with approximately 130 government and non-government lottery entities in over 50 countries around the world, providing turn-key solutions including instant and terminal-generated lottery games, sports betting, lottery systems and retail technology and online lottery market.
According to Scientific Games, the lottery business powers approximately 69% of instant product retail sales globally.