Charitable gaming operator Grover Gaming has announced it will sell its charitable gaming assets under the Grover Charitable Gaming name to game developer and technology provider Light & Wonder for $1.05 billion.
The deal will include $850 million in cash which will be paid at the close of the transaction and another $200 million in cash based on financial targets through to 2028.
President and Chief Executive Officer of Light & Wonder Matt Wilson, commented, “Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years. This transaction complements our position as the leading cross-platform global games company by adding another compelling regulated adjacency to our profile.”
Grover Charitable Gaming was founded in 2013 by current Chief Executive Officer Garret Blackwelder and provides charitable gaming in five US states, including Kentucky, New Hampshire, North Dakota, Ohio, and Virginia. Across those jurisdictions, it operates more than 10,000 electronic pull-tab units
Blackwelder said, “I am very thankful for all of our Grover Gaming teammates and how hard they work every day. 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.”