The North Carolina-based software design and developer focusing on electronic gaming across the United States, Grover Gaming, announced that it has completed the sale of Grover Charitable Gaming, its charitable assets, to Light & Wonder, the leading gambling products and services company formerly known as Scientific Games.
Grover Charitable Gaming's acquisition has a billion-dollar price tag
The sale of Grover Gaming's charitable gaming assets involves a total consideration of $1.05bn, Casino Guru News learned from a press release.
A breakdown of the billion-dollar acquisition reveals that Grover Gaming received $850m from Light & Wonder on Friday.
An extra $200m is also expected to be paid, but it is contingent on specific financial targets over the next three years through 2028.
The acquisition of Grover Charitable Gaming comes on the heels of another major investment announced by Light & Wonder recently.
Last month, the company announced it acquired a 20% stake in Bang Bang Games, a leading provider of quality casino games with a strong presence in important markets.
While Light & Wonder confirmed publicly it acquired a stake in Bang Bang Games, financial details regarding the transaction were not disclosed.
Light & Wonder is expected to take Grover Charitable Gaming to a new level
Kevin Morse, Grover Gaming's Chief Development Officer, shared his excitement about the finalization of the company's charitable gaming assets.
"The real winners in this deal are the charities and fraternals in these markets, because of the exciting game content L&W brings to the table," he revealed.
Finally, Morse said: "We are very happy to complete this deal and are excited to see Light & Wonder take Charitable Gaming to a new level."
Garrett Blackwelder, Grover Gaming's CEO and Founder, praised the company's teams that helped complete this sale.
In addition, the executive said: "I'm also grateful for our customers' loyalty over the past two decades. We realize without them, we wouldn't be where we are today."
Under the acquisition of Gover Charitable Gaming, approximately 120 workers are now going to be employed by Light & Wonder.
Those employees are primarily based in New Hampshire, North Dakota, Virginia, Ohio and Kentucky.
