Key points
- $850M cash acquisition of Grover Gaming and G2 Gaming's charitable gaming business
- Up to $200M in earn-out payments over 4 years based on revenue and business expansion metrics
- Expands Light & Wonder's footprint in charitable gaming market
Full summary
Light & Wonder Inc, a Nevada corporation, announced that its wholly-owned subsidiary LNW Gaming, Inc. has entered into an Asset Purchase Agreement to acquire certain assets and related liabilities constituting the charitable gaming business of Grover Gaming, Inc. and G2 Gaming, Inc. The total consideration to be paid by Buyer to Sellers consists of $850 million in cash at closing, subject to customary purchase price adjustments, and up to $200 million in cash in the form of earn-out payments achievable over a four-year period based on achievement of certain revenue and business expansion metrics. The acquisition is subject to customary closing conditions, including regulatory approvals. The transaction will expand Light & Wonder's footprint in the charitable gaming market, which is a strategic priority for the company.