Light & Wonder has entered into a definitive agreement to acquire the charitable gaming assets of Grover Gaming, and G2 Gaming.
The acquisition is for the sum of US$850m cash, subject to customary purchase price adjustments, and a four-year revenue based earn-out of up to $200m cash.
“Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years,” said Matt Wilson, president and CEO of Light & Wonder. “This transaction complements our position as the leading cross-platform global games company by adding another compelling regulated adjacency to our profile.”
“Importantly, there are exciting incremental revenue opportunities to be realised by leveraging Light & Wonder’s proven land-based gaming content to a new and loyal customer base. We look forward to continuing to partner with Grover Gaming’s customers, building on its strong dedication to customer service.”
“I am very thankful for all of our Grover Gaming teammates and how hard they work every day," said Garrett Blackwelder, CEO and founder of Grover Gaming. "I'm also grateful for our customers' loyalty over the past two decades. We realise that without them, we wouldn't be where we are today.
“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!"
