Light & Wonder successfully acquired Grover Gaming’s charitable gaming assets, while GAN confirmed that its takeover by Sega Sammy is expected to be finalized next week.
In February, Light & Wonder agreed to purchase specific assets from Grover for $850 million (€755 million), with an additional earn-out possibility of up to $200 million based on revenue over four years.
The deal has now been completed by Light & Wonder, who plans to run the business with a blend of Grover and in-house employees.
Grover Charitable Gaming operates over 10,000 leased electronic pull-tab units in five US states: Nevada, Ohio, Virginia, Kentucky, and New Hampshire, reporting $135 million in revenue and $111 million in adjusted EBITDA for the year ending 31 December 2024.
Light & Wonder President and CEO Matt Wilson stated, “Grover Gaming has excelled in the growing charitable gaming sector. Integrating their assets and expertise into our ecosystem aligns perfectly with our expansion strategy into regulated markets.”
Grover founder Brian Brown will lead the new Grover Gaming division at Light & Wonder as CEO, expressing enthusiasm about the future opportunities within the partnership.
Sega Sammy closing in on GAN purchase
On the other hand, Sega Sammy is nearing the completion of its acquisition of GAN, with regulatory approvals almost finalized.
Sega Sammy agreed to purchase GAN for about $107.6m in November 2023. Originally targeted for completion by the end of 2024, the deal was postponed to Q2 of the following year.
The revised deadline for the merger was set for 31 May, but with regulatory approvals close to conclusion, both parties anticipate finalizing the merger by 27 May.
If successful, GAN will merge with Sega Sammy Creation, a subsidiary focusing on land-based casino operators, leading to GAN no longer being publicly traded, with shares delisted from the Nasdaq Capital Market and deregistered.
Last July, Sega Sammy also acquired online game developer Stakelogic for $143.2m.
