Light & Wonder’s Acquisition of Grover Gaming’s Charitable Gaming Assets

On February 18, 2025, Light & Wonder, Inc. (“Light & Wonder”), the leading cross‑platform global games company, announced that it has entered into a definitive agreement to acquire the charitable gaming assets of Grover Gaming, Inc. and G2 Gaming, Inc. (together, “Grover Gaming”), a leading provider of electronic pull‑tabs for charitable gaming in the U.S., for total consideration of $850 million cash, subject to customary purchase price adjustments, and a four‑year revenue based earn‑out of up to $200 million cash. Cravath is representing Light & Wonder in connection with the transaction.

The Cravath team is led by partners Robert I. Townsend III, Michael E. Mariani and Jin‑Kyu Baek and includes of counsel Patrick S. Taylor, associates Cortez Johnson and Colin L. Halvey and foreign associate attorney Mikkel Dreyer Videbaek on M&A matters; partner J. Leonard Teti II and associate Tristan Baylor on tax matters; partner Matthew J. Bobby and senior attorney Arian Mossanenzadeh on executive compensation and benefits matters; partner David J. Kappos, senior attorney Carys J. Webb and associate Kenya Rowser on intellectual property matters; partner Jesse M. Weiss and senior attorney John F. Kendrick on antitrust matters; partner Matthew Morreale and associate Star S. Gulant on environmental matters; of counsel William D. Podurgiel and associate Peter A. Sotos on corporate governance matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Michael William Alexander Greenfeld also worked on M&A matters; Keanna N. Joseph worked on executive compensation and benefits matters; and Morigan E. Tuggle worked on corporate governance matters.