Grover Gaming Announces $1.05 Billion Sale of Charitable Gaming Assets to Light & Wonder
Deal News | Feb 18, 2025 | PR Newswire Cision Grover Gaming, Inc.
Grover Gaming, Inc., alongside G2 Gaming, Inc., has signed an agreement to sell its charitable gaming assets to Light & Wonder, Inc. for up to $1.05 billion. The sale includes $850 million in cash at closing and up to $200 million conditional on future financial milestones through 2028. Grover Charitable Gaming, a division operating with over 10,000 electronic pull-tab units across five U.S. states, has entrenched relationships with charitable clients. Post-transaction, Grover’s founder Garrett Blackwelder will partner with Light & Wonder for the next four years to ensure seamless integration and continued success. The acquisition, scheduled to close by Q2 2025, positions Light & Wonder for growth in the expanding charitable gaming sector. Financial advising for Grover Gaming is handled by Goldman Sachs, with Morgan, Lewis & Bockius LLP providing legal counsel.
Sectors
- Gaming and Gambling
- Mergers and Acquisitions
Geography
- United States – Grover Gaming operates across several U.S. states including Nevada, Ohio, Virginia, Kentucky, and New Hampshire, and the transaction involves these jurisdictions.
Industry
- Gaming and Gambling – Grover Gaming's sale of its charitable gaming assets falls within the gaming and gambling sector, particularly involving electronic gaming equipment.
- Mergers and Acquisitions – The transaction involving the sale of assets from Grover Gaming to Light & Wonder is a significant M&A activity.
Financials
- 1.05 billion – Total potential sale price of Grover Gaming's charitable gaming assets to Light & Wonder.
- 850 million – Cash component of the sale payable at closing of the transaction.
- 200 million – Conditional cash consideration based on achieving financial targets through 2028.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Grover Gaming, Inc. | Target Company | Company | Grover Gaming develops electronic gaming systems and charitable gaming products. |
| Light & Wonder, Inc. | Bidding/Buying Company | Company | Entertainment company specializing in creating and providing gambling products and gaming systems. |
| Garrett Blackwelder | CEO and Founder of Grover Gaming | Person | Founder and CEO of Grover Gaming, overseeing the company's operations and strategic direction. |
| Matt Wilson | President and CEO of Light & Wonder | Person | Oversees the strategic and operational activities of Light & Wonder. |
| Goldman Sachs & Co. LLC | Financial Advisor to Grover Gaming | Company | Provided financial advisory services for the transaction. |
| Morgan, Lewis & Bockius LLP | Legal Advisor to Grover Gaming | Company | Provided legal advisory services for the transaction. |