Street Talk

Light & Wonder in $1.05b acquisition; taps Jarden

Sarah Thompson, Kanika Sood and Emma Rapaport

Feb 19, 2025 – 8.30am

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Caledonia-backed dual-listed gaming giant Light & Wonder has pressed play on US expansion after agreeing to acquire the charitable gaming assets of Grover Gaming and G2 Gaming.

L&W will cough up $850 million in cash upfront and pay out $200 million on a four-year revenue-based earn-out. This implies a 7.7-times multiple based on Grover’s adjusted EBITDA. This will be funded with existing cash and debt financing.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.