Perelman To Sell SG Corp Shares To Caledonia

By Ben Hamill - September 16 2020

Perelman To Sell SG Corp Shares To Caledonia

U.S. businessman Ronald Perelman’s 39 per cent stake in big-gaming giant Scientific Games Corporation will reportedly be sold to Australia’s Caledonia Investments for a massive $920 million. This, according to financial news and media house Bloomberg, translates to Caledonia being about to fork out roughly $25 per SG Corp. share currently held in Perelman’s MacAndrews and Forbes investment vehicle.

The American billionaire first made known his intention to offload said shares in the casino games giant earlier on this year in July, during which time he explained his decision to sell as that of an extensive redrafting of his investment portfolio. Perelman has in the meantime also sold a pair of classic works of art – one Henri Matisse and the other by Joan Miro – for a cool $37.3 million, and has mandated high-profile auctioneering giant Sotheby’s to procure buyers for more classic works of art currently still part of the 77-year-old’s million-dollar collection. 

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Taking a Seat at the Table

In return for the nearly 32% premium the Aussie investment giant is about to pay to Perelman’s portfolio, Caledonia will receive not only the actual Scientific Games Corporation shares, but also two seats on the gaming and technology specialist provider’s board of directors.

Bloomberg furthermore confirmed the agreement of sale reportedly concluded between Perelman’s investment vehicle and Caledonia as having been facilitated by Deutsche Bank (for MacAndrews and Forbes), and Macquarie Group and Moelis & Co. (on behalf of Scientific Games Corporation).

Aside from the shares Caledonia is set to acquire from Perelman, the firm also owns a large number of shares in several other big-name technology giants. These include Zillow Group Inc., Grubhub Inc., and notably, a 10.4 per cent stake owned in industry behemoth Flutter Entertainment – the latter being of course an amalgamation made up of Canadian online gaming colossus The Stars Group Inc., UK sports betting and casino games giants Betfair and Paddy Power, and daily fantasy sports provider FanDuel.

A Self-Made Millionaire

Currently ranked 79th richest person in the U.S. by Forbes, Perelman also owns global cosmetics giant Revlon, and only recently sold to private equity firm KPS Capital Partners his now-former stake in military vehicles manufacturer and Humvee-maker AM General LLC.

The American self-made dealmaker built his fortune from an extensive array of business interests and holdings – ranging from candy to military vehicles to cosmetics. Perelman’s daughter Debra was in 2018 appointed Chief Executive Officer of global cosmetics industry giant Revlon.

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