Light & Wonder Inc. announced it has completed its previously disclosed acquisition of Grover Gaming’s charitable gaming assets for total consideration of $850 million cash, subject to customary purchase price adjustments, and a four-year revenue-based earn-out of up to $200 million cash.

“Grover Gaming has established itself as a leader in the fast-growing charitable gaming space. Bringing their assets and expertise into our ecosystem aligns perfectly with our strategy to expand into complementary regulated markets. 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. We’re excited to welcome the Grover team to Light & Wonder,” said Matt Wilson, President and CEO of Light & Wonder.

“Joining Light & Wonder marks an exciting new chapter for the charitable gaming business. We’re proud of what we’ve built in the charitable gaming space, and we see tremendous opportunity to grow even further as part of Light & Wonder. Our teams share a passion for innovation and a commitment to serving customers and communities, and we’re excited to take that to the next level together,” said Brian Brown, CEO of Grover Gaming (Light & Wonder’s new division).

Light & Wonder and ELK Studios’ games to be unleashed on Mexican market

Global entertainment brand SkillOnNet has expanded its existing partnerships with Light & Wonder and ELK Studios by launching their premium gaming content in the burgeoning Mexican market.

This expansion reinforces SkillOnNet’s commitment to delivering top-tier gaming experiences to players in regulated markets across the globe.

Players in Mexico will now have access to a rich portfolio of Light & Wonder and Elk Studios titles on SkillOnNet-powered Spanish-language casino brands, including its flagship, PlayUZU.

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Light & Wonder is a global gaming powerhouse that developed some of the world’s most famous slot games, including ‘Dragon Train’, ‘Hot Hot Blazing Locks’, ‘Double Dragon’, ‘Squid Game’ and ‘Stargate Megaways’.

In 2021, the company acquired maverick Swedish game developer, ELK Studios. ELK is known for cutting-edge games that blend unique storytelling and humour with off-the-chart playability, such as ‘Nitropolis’, ‘Tinkerbot’ and ‘Pirot’, as well as for its signature X-iter and CollectR mechanics.

Jani Kontturi, Head of Games at SkillOnNet said: “We are delighted to bring Light & Wonder’s and Elk Studios’ superb portfolios to our Mexican customers. Both studios have a strong reputation for developing world-class content, and their games have already proven to be hugely popular in other markets. By strengthening these partnerships, we continue to offer our players in Mexico an unmatched gaming experience with top-tier titles.”

Jack Riley, Commercial Account Director at Light & Wonder said: “It’s great to build on our highly successful partnership with SkillOnNet, enhancing our shared commitment to delivering high-quality, immersive gaming experiences. Through this expansion, we’re ensuring that more players have access to the rich variety of games that have made Light & Wonder and ELK Gaming leaders in the industry.”

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.

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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.”

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“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.