Light & Wonder, Inc. has entered into an asset purchase agreement to acquire Grover Gaming’s charitable gaming business for $850 million in cash at closing, with up to an additional $200 million in potential earn-out payments over four years based on revenue and business expansion milestones. The transaction is subject to regulatory approvals and customary closing conditions.

The agreement includes standard provisions for maintaining business operations during the transition and outlines related agreements such as intellectual property licenses, transitional services, and commercial supply agreements. If the deal is not closed by February 17, 2026, either party can terminate, with Light & Wonder responsible for a $42.5 million termination fee under certain conditions.

The company has also released a press statement and investor presentation detailing the acquisition. Light & Wonder sees this move as a strategic expansion into the charitable gaming segment, aiming to strengthen its market position and growth prospects.