---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-014535"
form_type: "8-K"
ticker: "LNWO"
cik: "0000750004"
company_name: "Light & Wonder, Inc."
filed_at: "2025-02-18T23:59:59+00:00"
generated_at: "2026-05-26T17:58:04.537165+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001104659-25-014535
- form_type: 8-K
- ticker: LNWO
- cik: 0000750004
- company_name: Light & Wonder, Inc.
- filed_at: 2025-02-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/750004/000110465925014535/0001104659-25-014535-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/750004/000110465925014535/tm256405d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-014535
- JSON: https://secwatch.observer/filing/0001104659-25-014535.json
- Plain text: https://secwatch.observer/filing/0001104659-25-014535.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.