Light & Wonder enters agreement to acquire Grover Gaming
The company expects the transaction to close during the second quarter of 2025.
US.- Light & Wonder has entered into a definitive agreement to acquire the charitable gaming assets of Grover Gaming and G2 Gaming for $850m cash plus a four-year revenue-based earn-out of up to $200m. The company expects the transaction to close during the second quarter of 2025.
Under the terms of the agreement, Light & Wonder will operate with a combination of both companies’ employees and Garrett will collaborate over the next three years.
Privately owned by Garrett Blackwelder, Grover Charitable Gaming has over 10,000 leased electronic pull-tab units across North Dakota, Ohio, Virginia, Kentucky, and New Hampshire. It was founded in 2013 and is headquartered in Greenville, North Carolina. For the year ended December 31, 2024, Grover Charitable Gaming reported unaudited revenue of $135m and adjusted EBITDA of $111m.
Matt Wilson, president and chief executive officer of Light & Wonder, said: “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.”
Garrett Blackwelder, CEO and founder of Grover Gaming, added: “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 realize 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!”
