Brookfield Asset Management Inc. (TSX:BAM.A) is firming as the buyer of SG Lottery, according to sources. The company owned by Scientific Games Corporation (NasdaqGS:SGMS) has been subject to a dual-track process involving either a sale to a trade buyer or an initial public offering on the Australian Securities Exchange. Advisers working on the float for SG Lottery last week locked in cornerstone demand worth more than $3 billion ahead of a plan to raise about $5 billion for an IPO of the company that services the booming lotteries industry. The aim was for the business to list with a market value of more than $8 billion in Australia because of the knowledge local investors have with lotteries and wagering group Tabcorp. The IPO was set to be finalised at the weekend, but the advisers to the deal were still awaiting news on the final outcome on October 27, 2021. Brookfield and Apollo Global Management, Inc. (NYSE:APO) were earlier known to be competing to buy the business. Australian equity investors were believed to be willing to pay between 14 and 15 times earnings before interest, tax, depreciation and amortisation for the business. Jarden, Macquarie Capital, Morgan Stanley, UBS and Goldman Sachs are working on the IPO, while Macquarie Capital has also been involved in the trade sale.