Key points:
- Light & Wonder is set to acquire Grover Gaming’s charitable asset brand, Grover Charitable Gaming
- The deal, subject to regulatory approval, has been valued at $850m
Light & Wonder has announced a new agreement with Grover Gaming, which will see the supplier take over the latter’s charitable gaming assets as part of an $850m acquisition.
This figure remains subject to customary purchase price adjustments and could include an additional four-year revenue-based earn-out of up to $200m, with Grover’s assets – known as Grover Charitable Gaming – having generated a revenue figure of $135m during FY24.
Indeed, while the acquisition bid currently remains subject to regulatory approval, Light & Wonder has stated that it anticipates the deal to close during the second quarter of 2025.
Following on from debuting its pull tabs unit offerings in Kentucky back in 2023, Grover Charitable Gaming more recently installed 10,000+ leased electronic pull-tabs units in five US states. Grover Charitable Gaming is currently privately owned by Garrett Blackwelder – who is set to collaborate with Light & Wonder on the business’ activities over the next three-year period.
Commenting on this development, Blackwelder said: “I am very thankful for all of our Grover Gaming teammates and how hard they work every day. I'm also grateful for our customers' loyalty over the past two decades. We realise 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!"
Matt Wilson, President & CEO of Light & Wonder also commented, saying: “Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years. 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 realized 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.”
Good to know: Light & Wonder’s Q3 2024 results saw a revenue rise of 12% to $817m year-on-year, with its FY24 results set for release next week
This latest acquisition news comes following the appointment of Simon Johnson as the new CEO of the company’s iGaming division last month, following the departure of Dylan Slaney. Also in January, Light & Wonder entered into a new global distribution partnership with Playson.
More recently, Nathan Drane was announced as the supplier's new Chief Product Officer last week.
