RTTNews | Sep 27, 2021 05:09PM EDT

17:08 Monday, September 27, 2021 (RTTNews.com) - Scientific Games Corp. (SGMS) Monday said it has agreed to sell its sports betting business, OpenBet, to sports and entertainment company Endeavor Group Holdings Inc. (EDR) in a cash-and-stock deal valued at $1.2 billion.

Scientific Games will receive $1 billion in cash and $200 million in Endeavor Class A common stock. The transaction is expected to close in the second quarter of 2022.

OpenBet has over 75 global customers, including 24 sports books across 12 states and a 100% uptime record across major sporting events.

"This transaction represents the culmination of a thorough process to divest OpenBet in order to maximize value for our shareholders and rapidly advance our vision to become the leading cross-platform global game company," said Barry Cottle, President and Chief Executive Officer of Scientific Games.

"We believe Endeavor will enable us to build on our exceptional track record of innovation and reliability and unlock even greater value for our customers and employees," said Jordan Levin, Chief Executive of Scientific Games' Digital business. "Endeavor's deep industry relationships and global reach make them the ideal partner. Together, these companies will be well positioned to capitalize on emerging trends to deliver even more innovative and tailored solutions to customers as we define the future of sports betting entertainment."

Read the original article on RTTNews ( https://www.rttnews.com/3228493/scientific-games-to-sell-sports-betting-company-openbet-to-endeavor.aspx)

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