A group of investors has acquired the majority of Ronald Perelman’s 39 percent stake in Scientific Games, with the billionaire stepping down from the company’s board.
Perelman, who operates the MacAndrews & Forbes Holding Company, will retain 4.1 percent of the firm’s shares, but will be replaced as executive chair by Jamie Odell.
“Scientific Games is well-positioned for future success, given our industry-leading portfolio of products and technologies, loyal customer base and talented leadership team,” said CEO Barry Cottle, adding the firm was “pleased to have the support of our refreshed Board and new investor base.”
The investment group, led by Caledonia, will pay $28 per share, with multiple payments expected to see no investor in possession of more than 9.9 percent of shares.
Jamie Odell is the former CEO of Aristocrat Leisure, and will be joined by former Aristocrat CFO Toni Korsanos as executive vice chair.