(RTTNews) – Scientific Games Corp. (SGMS) announced Monday that it has agreed to sell its sports business, OpenBet, to sports and entertainment company Endeavour Group Holdings Inc. (EDR) under a $1. 2 billion money and equity deal.
Scientific Games will get $1 billion in money and $200 million in Endeavour Class A stock. The transaction is expected to close at the time of the 2022 quarter.
OpenBet has more than 75 consumers worldwide, adding 24 sports bets in 12 states and a record one hundred percent uptime at primary sporting events.
“This transaction represents the culmination of a thorough procedure to divest OpenBet to maximize price for our shareholders and further our vision of fitting into the world’s leading cross-platform gaming company,” said Barry Cottle, president and chief executive officer of Scientific Games.
“We Endeavour will allow us to leverage our exceptional pleasure in innovation and reliability and unlock an even higher price for our consumers and employees,” said Jordan Levin, general manager of Scientific Games’ virtual business. “Endeavour’s deep industry relationships and global success in making it the ideal partner. Together, those corporations will be well placed to capitalize on emerging trends and provide even more innovative and personalized responses to consumers as we outline the long-term of sports betting and entertainment.