Scientific Games Corporation (SGMS) is seeing its shares surging this week as it signed an agreement with a group of institutional investors last week. The group of investors with Caledonia also among them agreed with the company to get a hold over 34.9% of its stakes. The stock acquisition will be at $28 per share a price which was at a premium of 28% from closing price of the day before deal closure day.

Against a closing price of $18.97 on Friday, the company saw its share price closed at $26.43, $30.31 and $30.90 in three days of this week. The shares of the company will be acquired from its parent organization MacAndrews & Forbes, a diversified holding company wholly owned by billionaire investor Ronald Perelman.

The transaction will be executed in parts with investing parties buying company’s shares from MacAndrews & Forbes in multiple tranches. At completion of the agreed transaction, no investor will likely to remain holding more than 9.9% of the Scientific Games’ outstanding shares.

The parties went through completing first tranche sale on Monday and are expected to be fully completing the transaction over the next few weeks. The stock get a raise in price target after the announcement as David Katz, an analyst at Jefferies, assigned new target price of $20 which previously was $17.

The company will go reshuffling its Board of Directors as part of the deal. The former longtime CEO of rival slot-maker Aristocrat Leisure Limited will join Scientific Games’ board as Executive Chairman. Gambling industry veteran and former Aristocrat CFO Toni Korsanos will also join the board as Executive Vice Chairman. The changes to the company’s board came into effect upon first tranche sale. The company announced that most of its independent directors who will join its board will have an in-depth and diversified experience in gaming industry with strategic, operational and financial expertise.