Light & Wonder has announced the $850 million acquisition of Grover Charitable Gaming. The deal includes an additional $200 million earn-out based on revenue performance over four years. This move strengthens Light & Wonder’s position in the charitable gaming industry by integrating Grover’s electronic pull-tab operations.

  • Grover Charitable Gaming provides 10,000 electronic pull-tabs in five U.S. states, generating $135 million in revenue in 2024. The company operates on a recurring revenue model and has built strong relationships with charitable organizations. Its headquarters is in Greenville, North Carolina.

  • Light & Wonder will pay $850 million in cash, with potential additional payments of up to $200 million based on future revenue. The upfront valuation is 7.7x Grover’s 2024 adjusted EBITDA and 7.1x its run-rate EBITDA. The transaction is expected to close in Q2 2025, pending regulatory approvals.

  • Grover Gaming CEO Garrett Blackwelder will remain involved for three years to support the transition. The company has a dedicated team of service technicians ensuring ongoing customer support. The deal strengthens long-standing customer relationships in its operating states.

  • Light & Wonder plans to integrate Grover’s operations and employees while leveraging its own gaming content. The acquisition aligns with its cross-platform growth strategy, expanding into a regulated gaming sector where it was not previously active.

  • Light & Wonder reaffirms its 2025 $1.4 billion consolidated AEBITDA target, excluding contributions from the acquisition. Growth is expected to come from existing businesses and organic expansion.

  • CEO Matt Wilson highlighted the strategic fit, saying, “This transaction complements our position as the leading cross-platform global games company by adding another compelling regulated adjacency to our profile.”

  • Grover Gaming’s CEO Garrett Blackwelder expressed gratitude for his team and customers, stating, “Light & Wonder is an ideal partner for us, given our similar company cultures and dedication to innovation and customer service.”

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