Summary
Light & Wonder has successfully completed its acquisition of Grover Gaming’s charitable gaming assets, initially announced earlier this year. The deal, valued at 850 million dollars in cash, also includes up to 200 million dollars in a revenue-based earn-out over four years. Grover Gaming operates a vast network of electronic pull-tab units across several states, generating significant revenue in the process.
Key Points
- The acquisition is valued at a total of $850 million, with potential additional earn-out payments.
- Grover Gaming’s electronic pull-tab units are leased across states such as North Dakota, Ohio, and Virginia, among others.
- The gaming business is expected to integrate well with Light & Wonder’s existing portfolio due to shared values and strategies.
- Both companies foresee synergies that will foster growth and innovation in the charitable gaming space.
- Grover Gaming’s CEO, Brian Brown, will continue to lead the new division under Light & Wonder.
Why should I read this?
If you’re into the gaming industry, this article is a must-read! It outlines a bold move by Light & Wonder that could reshape the charitable gaming landscape. With significant financial backing and a strong operational synergy, this acquisition is poised to make waves, and you’ll want to be in the loop about what’s coming next!
