Light & Wonder Acquires Slovenian Studio Hacksaw Gaming in €520M Content Play
Light & Wonder has agreed to acquire Malta-headquartered slot developer Hacksaw Gaming in a cash-and-stock deal valued at €520 million, marking one of the year's largest supplier-side consolidations. The acquisition gives the Las Vegas-based giant immediate access to Hacksaw's catalogue of over 180 titles and its rapidly expanding footprint across regulated European and LatAm markets.
Light & Wonder confirmed on Friday that it has entered into a definitive agreement to acquire slot developer Hacksaw Gaming for approximately €520 million, comprising €380 million in cash and the remainder in L&W common stock. The deal, expected to close in Q4 2026 pending regulatory approval in Malta, the UK and New Jersey, will fold Hacksaw's development studios in Ljubljana and Sliema into Light & Wonder's iGaming content division while retaining the Hacksaw brand as a standalone label.
Hacksaw, founded in 2018, has emerged as one of the fastest-growing online slot studios in Europe, known for high-volatility titles such as Le Bandit, Wanted Dead or a Wild, and Chaos Crew. The studio reported €94 million in gross gaming revenue contribution across its operator network in 2025, with roughly 60% of volume originating from Sweden, the UK, Ontario and Brazil. Light & Wonder CEO Matt Wilson told analysts on a morning briefing call that the acquisition would 'meaningfully accelerate' the company's digital-first strategy and provide 'a differentiated portfolio that resonates with younger, mobile-native players.'
The transaction reflects a broader wave of consolidation among iGaming content suppliers, as scale becomes increasingly critical for navigating fragmented regulatory regimes and rising compliance costs. Analysts at Regulus Partners noted that Hacksaw's EBITDA multiple of roughly 11x is in line with recent sector comparables and signals continued appetite for premium studio assets despite tighter capital markets. Hacksaw co-founders Marcus Cordes and Robin Karlsson will remain with the combined business for a minimum three-year earn-out period.
For Light & Wonder, the deal complements its existing OpenGaming platform and follows a series of smaller studio tie-ups over the past 18 months. The company said it expects the acquisition to be accretive to adjusted EPS within the first full year post-close, with roughly €18 million in identified cost synergies primarily from consolidated distribution and platform infrastructure. Shares in Light & Wonder rose 4.2% in pre-market trading following the announcement.