Gaming company Grover Gaming's charitable assets get bought by Light & Wonder for a whopping sum of $1 billion.
🤝 Light & Wonder secures Grover Gaming's charitable gaming assets in a massive $1.05 billion deal, announced earlier this week! The acquisition, set to close in Q2 2025, is worth an upfront sum of $850 million in cash, with additional $200 million contingent on meeting financial targets through 2028.
Grover Gaming, a leading contender in the electronic pull-tab market, started its charitable gaming subsidiary in 2013. Operating across five U.S. states – New Hampshire, Kentucky, Virginia, Ohio, and North Dakota – it has already leased out over 10,000 electronic pull-tab machines in these regions.
Matt Wilson, CEO and President of Light & Wonder, celebrated Grover Gaming's significant growth in recent years as a "leading player in charitable gaming," expressing confidence that the acquisition will significantly boost Light & Wonder's ability to reach a new and loyal customer base.
Farrett Blackwelder, Founder and CEO of Grover Gaming, thanked their dedicated customer base and hardworking employees. expressing gratitude for their contributions. He feels that Light & Wonder, with their shared focus on customer service and innovation, is the ideal partner for Grover Gaming.
Compared to other deals in the industry, the acquisition aligns with Light & Wonder's strategic expansion in the charitable gaming sector and is supported by Cravath, Swaine & Moore LLP, signifying high-level legal advisory involvement. The transaction is currently pending regulatory approvals. Stay tuned for updates on this exciting development! 🎉👍
- With this latest acquisition, Light & Wonder stands to significantly increase its customer base, as it merges its finance and gaming operations with the charitable gaming subsidiary of Grover Gaming.
- The $1.05 billion deal marks Light & Wonder's strategic expansion into the lucrative charitable gaming sector, bolstering its operations in states like New Hampshire, Kentucky, Virginia, Ohio, and North Dakota, where Grover Gaming has already deployed over 10,000 electronic pull-tab machines.
- As Grover Gaming's dedicated customer base and employees have been instrumental in the company's growth, Founder and CEO Farrett Blackwelder sees Light & Wonder, with its shared commitment to customer service and innovation, as the ideal partner to carry forward Grover Gaming's charitable gaming legacy.
