Gaming supplier Scientific Games Corp. announced last month that its largest shareholder, billionaire Ronald Perelman, has agreed to sell the bulk of his stake in the company, 34.9 percent of all shares, to Australian investment firm Caledonia for $28 per share.
As of July, Perelman held approximately 36.8 million shares through his investment company McAndrews & Forbes, making the deal worth over $1 billion. In consideration of the sale, Scientific Games terminated its stockholders agreement with McAndrews & Forbes.
Along with the ownership shift is a reconstitution of the company’s board of directors, which will now be led by former top executives of SG rival Aristocrat Leisure Limited. Former Aristocrat CEO Jamie Odell, who has been serving Scientific Games for a year as an adviser to CEO Barry Cottle, replaces Perelman as executive chairman of the board. Toni Korsanos, formerly Aristocrat’s chief financial officer, was named executive vice chairwoman.