Scientific Games Corporation, one of the leading gaming companies in the USA and globally, has announced that Caledonia, the highly acclaimed gaming industry investor, and several other of its long-standing institutional investors have agreed to buy a 34.9% Scientific Games stake from MacAndrews & Forbes Incorporated at a $28.00 price for each share.
Alongside this huge transaction, the gaming company has also announced that it will be implementing a range of structural changes, such as the refreshing of its Board of Directors, to reflect its new body of investors. As such, the new Board of Directors will be restructured to rid itself of the representatives from MacAndrews & Forbes and introduce three new directors.
Jamie Odell, the former Chief Executive Officer of Aristocrat, along with Toni Korsanos, the former Chief Financial Officer from Aristocrat as well, will be joining the Board of Directors of Scientific Games as Executive Chairperson and vice-chairperson, respectively. Another independent non-executive director will be joining the two former Aristocrat bosses on the board. All representatives from MacAndrews & Forbes will effectively resign from their positions on the SG Board.
This transaction between MacAndrews & Forbes and the interested investors will be executed in several different tranches where each investor will be allowed to hold a maximum of 9.9% of SG’s outstanding shares. This sale is expected to be complete in the coming weeks as the gaming company continues to position itself for growth through optimization of its business portfolio and the creation of value to its shareholders.