Grover Gaming Sells Charitable Gaming Assets to Light & Wonder for $1.05 Billion

Grover Gaming Partners with Light & Wonder

In a landmark move for the gaming industry, Grover Gaming, Inc. along with G2 Gaming, Inc. has announced the finalization of a definitive agreement to sell its charitable gaming assets to Light & Wonder, Inc. This deal, valued at up to $1.05 billion, solidifies Grover Gaming's standing in the charitable gaming sector while positioning Light & Wonder for further growth within regulated gaming markets.

Details of the Transaction

According to the agreement, Grover Gaming will receive $850 million in cash at the closing of the transaction, subject to typical purchase price adjustments. Additionally, there is a conditional cash consideration that could reach $200 million, contingent on achieving certain financial objectives by 2028.

Grover Charitable Gaming, founded in 2013 and owned privately by Garrett Blackwelder, boasts a strong presence with over 10,000 electronic pull-tab units across states such as Nevada, Ohio, Virginia, Kentucky, and New Hampshire. The company has developed long-lasting relationships with charitable clients and has a dedicated service team to support its operations.

Leadership and Future Plans

Garrett Blackwelder, who will continue to play a significant role in collaboration with Light & Wonder over the next four years, acknowledged the hard work of his team and the loyalty of their clients. Light & Wonder, under the leadership of Matt Wilson, aims to integrate Grover's existing operations with its own, enhancing their overall revenue opportunities and expanding their customer base.

Reflecting on the acquisition, Wilson emphasized, "Grover Gaming is a leading player in the charitable gaming space, a segment that has seen substantial growth in recent years. This transaction strengthens our position as a global leader in multi-platform gaming by adding another interesting regulated sector to our portfolio."

Strategic Growth

This acquisition marks a pivotal moment for both companies. By merging their resources, Light & Wonder opens doors to new markets and revenue streams, leveraging Grover's established networks to introduce their proven games and engage a burgeoning clientele.

Kevin Morse, Director of Development at Grover Gaming, commented on the positive impact of this deal for charitable organizations and mutual benefit societies in the markets served. He stated, "The true beneficiaries here are the charities and mutual benefit societies, which will gain access to exciting game content from LW."

With Goldman Sachs & Co. LLC acting as the financial advisor and Morgan, Lewis & Bockius LLP providing legal counsel, the companies anticipate closing the transaction during the second quarter of 2025, pending regulatory approvals and other customary closing conditions.

Conclusion

As Grover Gaming transitions its charitable gaming assets to Light & Wonder, the industry watches closely. This merger not only reflects the evolving landscape of the gaming sector but also demonstrates how strategic partnerships can drive innovation and customer engagement in regulated markets. Moving forward, both Grover and Light & Wonder are poised for success, creating a brighter future for charitable gaming and expanding opportunities for all stakeholders involved.