Light & Wonder to acquire Grover Gaming charitable assets for $850M cash, plus up to $200M earn-out

Light & Wonder, Inc.

$850M upfront cash consideration; earn-out up to $200M over 4 years based on revenue/business expansion.
Acquires over 10,000 leased electronic pull-tab units across five U.S. states (ND, OH, VA, KY, NH).
Implies ~7.7x multiple on 2024 Grover Adj. EBITDA; ~7.1x on run-rate Adj. EBITDA.
Highly accretive: high-single-digit Adjusted NPATA per share accretion; cash generative earnings profile.
Founder Garrett Blackwelder to collaborate with Light & Wonder for 3 years post-close.

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