---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-050011"
form_type: "8-K"
ticker: "LNWO"
cik: "0000750004"
company_name: "Light & Wonder, Inc."
filed_at: "2025-05-16T23:59:59+00:00"
generated_at: "2026-05-21T03:55:12.683248+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Light & Wonder completes $850M acquisition of Grover Gaming, financed with $800M term loan

## Summary
- Acquired Grover Gaming charitable gaming business for $850M cash, plus up to $200M four-year earn-out.
- Entered $800M Term Loan A facility maturing May 2028, secured by assets and guaranteed.
- Loan pricing: Adjusted Term SOFR +1.75% or base rate +0.75%; amortizes quarterly.
- Proceeds used to finance acquisition; first amortization payment due Sep 30, 2025.

## SEC filing metadata
- accession: 0001104659-25-050011
- form_type: 8-K
- ticker: LNWO
- cik: 0000750004
- company_name: Light & Wonder, Inc.
- filed_at: 2025-05-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- 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/750004/000110465925050011/0001104659-25-050011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/750004/000110465925050011/tm2515308d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-050011
- JSON: https://secwatch.observer/filing/0001104659-25-050011.json
- Plain text: https://secwatch.observer/filing/0001104659-25-050011.txt

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