Grover Gaming Completes Major $1.05 Billion Deal with Light & Wonder for Charitable Gaming Assets

Grover Gaming's Landmark $1.05 Billion Sale to Light & Wonder

Greenville, N.C. — February 18, 2025 — In a strategic move set to reshape the landscape of charitable gaming, Grover Gaming, Inc. has announced an agreement to sell its charitable gaming assets to Light & Wonder, Inc., a transaction valued at $1.05 billion. This pivotal deal is a significant step for both companies, indicating their commitment to growth and innovation within the industry.

The financial structure of the transaction includes an immediate cash payment of $850 million, supplemented by contingent cash payouts of up to $200 million that are contingent on meeting specified financial objectives over the next three years.

Grover Gaming, under the leadership of CEO Garrett Blackwelder, operates a strong charitable gaming model since its inception in 2013. Currently boasting an impressive network of more than 10,000 electronic pull-tab units across five states, the company has established deep-rooted partnerships with numerous charitable organizations, driven by a team of dedicated service technicians and relationship managers.

With Light & Wonder's acquisition, the leadership arrangements will see Blackwelder and other Grover Gaming executives work closely with their new parent company to realize the full potential of their business creations for the next four years, pledging to further improve upon their already successful operations.

Light & Wonder, whose standing as a top-tier global gaming company is well recognized, aims to integrate Grover Gaming's assets to enhance its portfolio. Light & Wonder’s CEO Matt Wilson stated, "This acquisition enriches our position as a leading global games company, introducing a compelling regulated aspect that aligns with our strategic vision." Wilson elaborated on the potential for increased revenue streams by leveraging the robust gaming experiences that Light & Wonder provides, attracting new, loyal customers to Grover Gaming’s offerings.

Additionally, Wilson highlighted the company’s ongoing commitment to customer satisfaction, implying that Grover Gaming's established expertise will complement this strategy significantly. The symbiotic relationship established between the two companies establishes a sturdy foundation for future growth, benefiting not only their financial standings but the charitable organizations they serve.

Expressing pride in Grover Gaming's accomplishments, Blackwelder remarked, “This transaction solidifies our dedication to our customers and our commitment to innovation and service. Alone we have achieved so much, yet with Light & Wonder, I believe we will substantially enhance the offerings available in the charitable gaming sector.”

Kevin Morse, Chief Development Officer at Grover Gaming, reiterated the positive implications of this merger for charitable organizations, suggesting that the gaming content offered by Light & Wonder would usher in new opportunities for these communities.

While Grover Gaming moves onto this new chapter, the transaction is still subject to regulatory approvals and other customary conditions that must be met before the deal's expected closure in the second quarter of 2025.

In this evolving landscape of gaming, both Grover Gaming and Light & Wonder are poised to set new benchmarks, promoting growth that benefits the many charities and communities they aim to support. As the gaming industry anticipates the closure of this high-profile transaction, stakeholders across markets are keeping a watchful eye on how this partnership will redefine charitable gaming’s future.

With Goldman Sachs & Co. LLC acting as Grover Gaming's exclusive financial advisor, and Morgan, Lewis & Bockius LLP providing legal counsel, the groundwork has been meticulously laid for this transformational deal, making it one of the most significant movements in the gaming sector this year.