MacAndrews & Forbes, the investment fund of American billionaire Ronald Perelman, has filed an SEC note informing that it is exploring a full divestment of its shareholding in Scientific Games Corporation (SGC).
The wholly-owned fund of finance tycoon Perelman has placed its 39% shareholding in SGC under review, but underlined that it has yet to determine a future outcome for its investment.
Recognized among the US’ top-50 wealthiest individuals, Perelman is the biggest shareholder in SGC, the Nasdaq technology group competing to be the lead systems and platform supplier for the global gambling and lottery industries.
Perelman is said to be reviewing his position with SGC having increased his stake in the technology group during its M&A streak, which saw it complete back-to-back acquisitions of technology firms NYX Gaming and Don Best (2017-2019).
Citing the pandemic impact on all core revenue channels, SGC posted Q1 net operating losses of $155m as the company moved to implement drastic actions to secure $100m in group-wide costs savings.
Following its SEC filing, MacAndrews & Forbes issued a further statement to Bloomberg News, in which it revealed that Perelman had instructed fund advisors to review a number of investments in light of social and economical changes as a result of COVID-19 disrupting all global marketplaces.
In the statement, MacAndrews & Forbes underlined that Perelman wanted to be ‘opportunistic and flexible in looking at new situations’.
SGC will publish its 2020 interim trading results on Thursday July 23.