Scientific Games Corporation announced today that a number of long-term institutional investors, including highly credentialed gaming industry investor Caledonia, have reached an agreement to acquire a 34.9% stake in Scientific Games from MacAndrews & Forbes at a price of $28.00 per share. That’s at least a 32 per cent premium to the company’s closing price Friday of $18.97 apiece and values the stake at more than $920 million.

In connection with the transaction, Scientific Games is implementing a series of governance changes and enhancements, including refreshment of its Board of Directors and termination of the Stockholders Agreement with MacAndrews & Forbes, to reflect its new investor base and continue to position the Company for growth and value creation. Former Aristocrat Chief Executive Officer Jamie Odell, along with former Aristocrat Chief Financial Officer Toni Korsanos, will join the Scientific Games Board as Executive Chair and Executive Vice Chair, respectively. They will be joined on the Board by an additional independent non-executive director.

Barry Cottle, President and CEO of Scientific Games, said, “Scientific Games is well-positioned for future success given our industry-leading portfolio of products and technologies, loyal customer base and talented leadership team. We are pleased to have the support of our refreshed Board and new investor base as we continue to execute on our strategy to drive meaningful long-term growth and shareholder value creation.”

Caledonia owns a 10.4 per cent stake in Flutter Entertainment, the Irish gambling giant whose brands include Paddy Power and Sky Bet, according to its most recent regulatory filings.