Gaming equipment and services group Light & Wonder announced on Monday that it had completed the acquisition of Grover Gaming’s charitable gaming assets.The deal encompasses $850 million in cash and a four-year revenue-based earn-out of up to $200 million in cash.
The deal was announced early this year and was expected to be closed within the second quarter, subject to regulatory approval.
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.
As previously stated, under the agreement, the founder of Grover Gaming will ‘collaborate with Light & Wonder to help drive the continued success of the business over the next three years’.
In the latest update, Matt Wilson, President and CEO of Light & Wonder noted that “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.”
Grover Gaming’s CEO Brian Brown noted that “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”.
