Scientific Games executive chairman to sell 34.9% stake

The stake will be sold at a price of $28.00 per share.
The stake will be sold at a price of $28.00 per share.

Ronald Perelman is looking to reduce his portfolio as several of his companies have been hit by the pandemic.

US.- The executive chairman of Scientific Games, Ronald Perelman, is to sell his 34.9 per cent stake in the company to institutional investors for more than $900m.

The deal was announced by Perelman’s investment firm, MacAndrews & Forbes, who will sell Perelman’s stakes to at $28.00 per share. Buyers will include Caledonia Investments and others.

The deal will also see two more former Aristocrat Leisure executives join Scientific Games’ board.

The suppliers’ market capital increased from $1.8 billion on Friday to $2 billion.

Company chairman Barry Cottle said: “We are pleased to have the support of our refreshed board and new investor base as we continue to execute on our strategy to drive meaningful long-term growth and shareholder value creation.”