RTTNews | Oct 27, 2021 09:16PM EDT

21:15 Wednesday, October 27, 2021 (RTTNews.com) - Scientific Games Corp. (SGMS) said it agreed to sell its Lottery business to Brookfield Business Partners L.P. (BBU, BBU_U.TO) for total consideration of $6.05 billion.

The deal price consists of $5.825 billion in cash and an earn-out of up to $225 million based on the achievement of certain EBITDA targets in 2022 and 2023.

The transaction is expected to close in the second quarter of 2022.

Scientific Games Lottery will remain headquartered in metro-Atlanta with operations expected to continue around the world, the company said.

SG Lottery has entered into a Transitional Services Agreement with Scientific Games Corporation whereby Scientific Games Corporation will provide SG Lottery certain finance, information technology, regulatory compliance, legal, human resources and facilities at cost for an initial term of 12 months.

Read the original article on RTTNews ( https://www.rttnews.com/3236370/scientific-games-to-sell-lottery-business-to-brookfield-business-partners-for-6-05-bln.aspx)

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