Light & Wonder has completed its acquisition of Grover Gaming’s charitable gaming assets in a transaction worth up to $1.05 billion.
The acquisition was first announced in February and sees Light & Wonder pay $850 million in cash to acquire the business, as well as an earnout of up to $200 million based on its future performance.
Grover Gaming generated $135m in revenue in 2024 and an Adjusted EBITDA of $111 million, with the company currently live the US states of Ohio, New Hampshire, Kentucky, North Dakota and Virginia.
This acquisition gives Light & Wonder a leading position in the charitable gaming vertical in these five states while also complimenting its cross-platform strategy.
“Grover Gaming has established itself as a leader in the fast-growing charitable gaming space. Bringing their assets and expertise into our ecosystem aligns perfectly with our strategy to expand into complementary regulated markets,” said Light & Wonder CEO Matt Wilson.
“This addition enhances our position as the leading global cross-platform games company and opens new opportunities to deliver our world-class content to even more players. We’re excited to welcome the Grover team to Light & Wonder.”
Brian Brown, CEO of Grover Gaming, commented: “Joining Light & Wonder marks an exciting new chapter for the charitable gaming business. We’re proud of what we’ve built in the charitable gaming space, and we see tremendous opportunity to grow even further as part of Light & Wonder.
“Our teams share a passion for innovation and a commitment to serving customers and communities, and we’re excited to take that to the next level together.”
Shares in Light & Wonder Inc (NASDAQ:LNW) closed 1.95 per cent lower at $82.88 per share in New York Monday.