Casino equipment and online games provider Light & Wonder Inc said it completed on Friday the acquisition of the charitable gaming assets – known as Grover Charitable Gaming – of U.S.-based Grover Gaming Inc and G2 Gaming Inc.
The announcement was made in a filing to Nasdaq on the same day. The firm stated in the document that it had entered into a new term loan facility in an aggregate principal amount of US$800 million in order to finance the Grover Charitable Gaming acquisition.
Light & Wonder announced in February that it had signed an agreement to acquire Grover Charitable Gaming.
As confirmed in Friday’s filing, the acquisition deal involved a “total consideration of US$850.0 million in cash, as adjusted for customary purchase price adjustments, and a four-year revenue-based earn-out of up to US$200.0 million in cash.”
Earlier this month, Light & Wonder reaffirmed it expected the deal for the acquisition of Grover Charitable Gaming to close during the second quarter of 2025.
Grover Charitable Gaming was previously privately owned by Garrett Blackwelder. Light & Wonder had described it having an installed base of more than 10,000 leased electronic pull-tab units across five U.S. states, operating under a recurring revenue model.
To finance the acquisition of Grover Charitable Gaming, Light & Wonder said it had entered, on Thursday, into a new credit agreement with several banks and other financial entities, with JPMorgan Chase Bank NA acting as administrative agent and collateral agent.
The US$800-million term loan matures on May 15, 2028. The first quarterly amortisation payment is due in the fiscal quarter ending September 30.
“Grover Gaming has established itself as a leader in the fast-growing charitable gaming space,” said Matt Wilson, president and chief executive of Light & Wonder, in prepared remarks in a press release. “Bringing their assets and expertise into our ecosystem aligns perfectly with our strategy to expand into complementary regulated markets.”
He added: “This addition enhances our position as the leading global cross-platform games company and opens new opportunities to deliver our world-class content to even more players.”
Light & Wonder reported first-quarter 2025 revenue of US$774 million, up 2.4 percent from a year earlier, according to an announcement made earlier this month. The firm stated its net income remained flat year-on-year, at US$82 million, while consolidated adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at US$311 million, up 10.7 percent from a year earlier.
(Updated 8.45am, May 20)
