American billionaire Ronald Perelman has agreed to sell his stake in Scientific Games to Australian investment firm Caledonia Investments, according to people with knowledge of the matter.

Caledonia is set to pay more than $US25 ($34) per share for Perelman’s roughly 39 per cent stake in Las Vegas-based Scientific Games.

Caledonia, which also has large stakes in companies such as Grubhub, Warner Music Group and Zillow, will get two board seats as part of the transaction. Caledonia owns a 10.4 per cent stake in Flutter Entertainment, whose brands include Paddy Power and Sky Bet.

Macquarie Group advised Scientific Games, Deutsche Bank advised MacAndrews & Forbes, while Moelis & Co. advised Scientific Games’ special committee.