Grover Gaming sells charitable gaming assets to L&W for $1.05 billion

Grover Gaming, Inc., together with G2 Gaming, Inc., has announced a definitive agreement to sell their charitable gaming assets to Light & Wonder, Inc. for a total consideration of up to $1.05 billion. The transaction is structured with an immediate cash payment of $850 million and an additional contingent cash consideration of up to $200 million, based on certain financial targets through 2028. Grover Gaming, founded by Garrett Blackwelder in 2013, currently operates over 10,000 leased electronic pull-tab units across five U.S. states. Blackwelder will collaborate with the acquiring company, L&W, to ensure a smooth transition, expected to close in Q2 2025, subject to regulatory and customary approvals. Post-acquisition, L&W plans to integrate Grover Gaming's employees with their own team to enhance the service provided to the longstanding customer base in the charitable gaming sector. The transaction underscores Grover Gaming's pivotal role in the growing market of charitable gaming and marks a strategic expansion for L&W into regulated gaming facets. Financial and legal advisors to Grover Gaming include Goldman Sachs & Co. LLC and Morgan, Lewis & Bockius LLP, respectively.