Light & Wonder, Inc. (LNW), a cross-platform games provider, announced Tuesday its definitive agreement to acquire the charitable gaming assets of Grover Gaming, Inc. and G2 Gaming, Inc. for total consideration of $850 million cash. The consideration also includes a four-year revenue based earn-out of up to $200 million cash.
Further, Light & Wonder reaffirmed its 2025 consolidated AEBITDA target of $1.4 billion, with continued strong organic growth across its existing businesses.
Regarding the acquisition of Grover Charitable Gaming, the company said the deal is expected to be highly accretive to value and earnings with high-single digit Adjusted NPATA per share accretion in the first full calendar year post acquisition.
The transaction is expected to close during the second quarter of 2025, subject to required regulatory and other approvals and customary closing conditions. Following the deal closure, Light & Wonder will operate the business with a combination of Grover Gaming and Light & Wonder employees.
Under the deal terms, Garrett will collaborate with Light & Wonder over the next three years to help drive the continued success of the business.
Greenville, North Carolina-based Grover Charitable Gaming, privately owned by Garrett Blackwelder, has an installed base of over 10,000 leased electronic pull-tab units across five U.S. States.
For the year 2024, Grover Charitable Gaming generated revenue of $135 million and Grover Adjusted EBITDA of $111 million.
Light & Wonder said it expects to fund the acquisition with existing cash and incremental debt financing.
In the transaction, Jarden Group is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal advisor to Light & Wonder.
In pre-market activity on the Nasdaq, Light & Wonder shares were gaining around 2.1 percent to trade at $99.05.
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