Citigroup approached The Carlyle Group and Providence Equity Partners to buy a stake in Berjaya Sports Toto Bhd's gaming unit for nearly $1 billion. Malaysian tycoon Vincent Tan is considering selling a 49 percent stake in his privately held gaming company. Reuters reported:
Gaming assets in Malaysia must be majority Malaysian-owned, which is why Tan is limited to selling 49 percent. Tan is exploring the sale of a unit called Sports Toto Malaysia, which houses the Malaysian gaming assets. That business has 680 outlets offering numbers games and generated 3.6 billion ringgit ($1.2 billion) in 2009, according to Berjaya's website.Carlyle knows numbers games,as does Citigroup's Peter Orszag. Is their numerical genius squared on the Sports Toto deal?.
