Light & Wonder announced that it has completed its acquisition of Grover Gaming’s charitable gaming assets. The transaction was announced earlier this year and was praised by the former company due to “strong cultural alignment” between the two parties.
Light & Wonder Closes the Deal
On May 19, Light & Wonder confirmed that it has closed the acquisition of Grover Gaming’s charitable gaming assets, which was announced in February. In line with the earlier announcement, the former company acquired the assets for a total consideration of $850 million in cash, subject to customary purchase price adjustments, and a four-year revenue-based earn-out of up to $200 million in cash.
Light & Wonder had explained that Grover Charitable Gaming, which was previously owned by Garrett Blackwelder, boasts some 10,000 leased electronic pull-tab units across the states of North Dakota, Ohio, Virginia, Kentucky, and New Hampshire. Founded in 2013, Grover Charitable Gaming enjoys a strong relationship with its clients and generated $135 million in revenue, as well as an adjusted EBITDA of $111 million in 2024 alone. This will complement Light & Wonder’s ambitious 2025 guidance.
Light & Wonder had furthermore highlighted “strong cultural alignment” with the charitable business, which is expected to facilitate its integration into the broader Light & Wonder portfolio. The buyer had also clarified that the newly-acquired assets will be initially operated by a combination of existing Grover Gaming workers and Light & Wonder employees.
The Two Companies Have Strong Synergies
Light & Wonder’s president and chief executive officer, Matt Wilson, commented on the completion of the deal, lauding Grover Gaming as an “established leader” in the charitable gaming space. According to Wilson, the arrangement is a perfect fit for Light & Wonder, which continues to pursue expansion into additional markets.
Bringing their [Grover Gaming’s] assets and expertise into our ecosystem aligns perfectly with our strategy to expand into complementary regulated markets. 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.
Matt Wilson, president and CEO, Light & Wonder
Wilson concluded that he is happy to welcome the Grover Gaming team to the broader Light & Wonder family.
In the meantime, Brian Brown, Grover Gaming’s chief executive officer, will retain his position as his company becomes Light & Wonder’s latest division. He was likewise pleased with the arrangement, calling it an “exciting new chapter” for his company.
Brown said that his team is proud of the company it has built over the years and added that he cannot wait to see where Light & Wonder takes it. He concluded that the two companies have inherent synergies that make him optimistic about their joint future.
Brown concluded: “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.”