Gaming equipment and services group Light & Wonder has announced a new strategic acquisition, this time acquiring Grover Gaming’s Charitable Gaming Assets in a billion-dollar deal.
According to a company release, Light & Wonder is adding strategic and financial benefits from the acquisition, which encompasses a $850 million cash consideration and a four-year revenue based earn-out of up to $200 million cash.
Under the terms of the agreement, the founder of Grover Charitable Gaming, Garett Blackwelder, will collaborate with L&W ‘to help drive the continued success of the business over the next three years’.
The transaction is expected to close within the second quarter of 2025, subject to regulatory approval.
“Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder.
“Importantly, there are exciting incremental revenue opportunities to be realized by leveraging Light & Wonder’s proven land-based gaming content to a new and loyal customer base,” furthered the executive.
Garett Blackwelder, CEO and Founder of Grover Gaming noted “Light & Wonder is an ideal partner for us, given our similar company cultures and dedication to innovation and customer service. We are excited to see Charitable Gaming taken to a new level!”.
Expectations are for L&W to operate the business with a combination of Grover Gaming and L&W employees after the acquisition.
The move allows L&W access to an installed base of over 10,000 leased electronic pull-tab units across five states in the US, operating under a recurring revenue model.
Under the agreement, Garett will ‘collaborate with Light & Wonder to help drive the continued success of the business over the next three years’.
