Why Scientific Games Stock Dropped 15.6% on Thursday
Shares of gambling industry supplier Scientific Games (NASDAQ: SGMS) fell as much as 15.6% in trading on Thursday after announcing the sale of part of its business. Shares closed the day down 8%.
Brookfield Business Partners has agreed to buy Scientific Games' lottery business for $6.05 billion, which includes $5.825 billion in cash and up to $225 million in earn-outs based on earnings before interest, taxes, depreciation, and amortization (EBITDA) targets in 2022 and 2023. The deal is expected to close in the second quarter of 2022.
Image source: Getty Images.
Source Fool.com
