Scientific Games Corp, a leading U.S. maker of slot machines, announced on Wednesday that it is selling its lottery business to Brookfield Business Partners, the Canada-based investment company for $6.05 billion.

The deal between the companies will consist of $5.825 billion in cash and an additional payment of around $225 million based on the achievement of certain EBITDA goals in 2022 and 2023. Scientific Games said that the deal will be closed in the second quarter of next year, which will be subject to customary closing conditions and applicable regulatory approvals.

Scientific Games’ Lottery business or SG Lottery is a leading global lottery partner with long-lasting relationships with approximately 130 government as well as non-government lottery entities in over 50 countries. The company provides a pioneering suite of turn-key solutions that covers the entire lottery ecosystem, such as instant and terminal-generated lottery games, lottery systems & retail technology, sports betting, and the fast-growing iLottery market.

With the increasing demand for online games during the pandemic, Scientific Games had earlier stated a plan to divest its sports-betting and lottery businesses to greatly focus on gaming and digital content provider.

According to the website of Scientific Games, it handles lottery games in more than 50 countries across the globe. Also, the lottery business has attracted interest from Apollo Global Management Inc., a private equity firm.

President and CEO of Scientific Games, Barry Cottle said, “This deal is transformative in speeding up the delivery of our stated strategy in order to optimize our portfolio, position us to invest in future growth, and aggressively de-lever our balance sheet. Lately, we conducted a detailed review of paths to deprive the Lottery business and now we are confident that this transaction will maximize value and certainty while minimizing execution risk and complexity.”

According to Brookfield, the deal for the lottery business will be funded with nearly $2.6 billion of equity, of which 30 percent will be raised via existing funds and the rest from the company’s institutional partners.

Reuters reported in last month that the Scientific Games is also in quest to list its predominantly European and North American lotteries unit in Australia in a $5 billion IPO.

In September, Scientific Games also sold its sports betting business, OpenBet to Endeavor Group Holdings Inc. for $1.2 billion in cash and stock.