Scientific Games Corporation SGMS shares are trading higher after announcing new institutional investors would take a stake in the company at $28 per share. Shares are being purchased from current shareholders.
The transaction between the investing parties and MacAndrews & Forbes is expected to be executed in multiple tranches after which no investor is expected to beneficially own more than 9.9% of the outstanding shares of Scientific Games, the company said in a press release.
Scientific Games develops technology-based products and services, and related content for the gaming, lottery, social and digital gaming industries in the United States and internationally.
Scientific Games' stock was trading up 48.3% at $28.11 per share on Monday at the time of publication. The company has a 52-week high of $31.63 and a 52-week low of $3.76.
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