secwatch.observer — SEC 8-K summary
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Issuer:     Light & Wonder, Inc. (LNWO)
CIK:        0000750004
Form:       8-K
Filed at:   2025-02-18T23:59:59+00:00
Accession:  0001104659-25-014535
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/750004/000110465925014535/0001104659-25-014535-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/750004/000110465925014535/tm256405d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-014535

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer