|Sub-sector||Consumer, Gaming and Leisure|
|Location||United States, Australia, Canada|
Selling their global lottery division would allow Light & Wonder to accelerate their strategy to optimise their portfolio, deleverage their balance sheet and invest in future growth in different areas of their business.
Macquarie Capital assisted in designing a dual-track process that explored both a sale and an Australian initial public offering (IPO) to maximise competitive tension. By highlighting Scientific Games Lottery’s contracted and recurring revenue model, long-standing customer relationships, high free cash flow generation, and managed services business model, Macquarie was able to successfully articulate the infrastructure-like qualities of the business, resulting in a premium valuation.
The completion of this transaction has accelerated Light & Wonder’s strategic transformation into a content-driven and cross-platform global games company. Light & Wonder was able to utilise the upfront proceeds of $US5.8 billion to significantly deleverage the company and pursue acquisitions to support its continued shift into a high-growth, digitally focused company.
highly competitive dual-track process