Grover Gaming announces $1.05 billion sale of charitable gaming assets to Light & Wonder, Inc.

Grover Gaming, Inc. and G2 Gaming, Inc. announced that it has entered into a definitive agreement for the sale of its charitable gaming assets (“Grover Charitable Gaming”) for a total consideration of up to $1.05 billion to Light & Wonder, Inc. 

The total consideration of the sale consists of the following:

• $850 million cash, payable upon closing of the transaction and subject to customary purchase price adjustments
• Contingent cash consideration of up to $200 million, subject to the achievement of certain financial targets through 2028

Privately owned by Garrett Blackwelder, Grover Charitable Gaming was founded in 2013 and currently has an installed base of over 10,000 leased electronic pull-tab units across five U.S. States (ND, OH, VA, KY, NH) operating under a recurring revenue model.

Grover Charitable Gaming has developed long-standing and persistent relationships with charitable customers in the states that it operates, underpinned by a dedicated local team of service technicians and relationship managers.

Under the terms of the agreement, Mr. Blackwelder will collaborate with Light & Wonder to help drive the continued success of the business over the next four years.

The Company expects the transaction to close during the second quarter of 2025, subject to required regulatory and other approvals and customary closing conditions.

Post acquisition, Light & Wonder will operate the business with a combination of Grover Gaming and Light & Wonder employees.

“Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder. “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,” Mr. Wilson concluded.

“I am very thankful for all of our Grover Gaming teammates and how hard they work every day,” said Garrett Blackwelder, CEO and Founder of Grover Gaming. “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.”

“The real winners are the charities and fraternals in these markets, because of the exciting game content L&W brings to the table,” said Kevin Morse, Chief Development Officer of Grover Gaming. “We are excited to see Charitable Gaming taken to a new level.”

Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Morgan, Lewis & Bockius LLP is serving as legal advisor to Grover Gaming in connection with the transaction.