Light & Wonder said late Monday that it had completed its previously announced acquisition of Grover Gaming’s charitable assets – on the same day it locked in a new US$800 million term loan facility that will fund the deal.
The acquisition sees Light & Wonder pay US$850 million in cash plus a four-year revenue based earn-out of up to US$200 million in cash. It will also absorb 120 former Grover Gaming employees into its workforce.
Grover Charitable Gaming has an installed base of over 10,000 leased electronic pull-tab units operating in North Dakota, Ohio, Virginia, Kentucky and New Hampshire under a recurring revenue model. The business was founded in 2013 and is described as best-in-class in all states in which it operates.
The charitable gaming sector provides licenses to operators to run select gaming products such as bingo, lottery and E-Pull tabs for the purpose of raising fund for local charities.
“Grover Gaming has established itself as a leader in the fast-growing charitable gaming space,” said Matt Wilson, President and CEO of Light & Wonder.
“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.”
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