Light & Wonder’s $705M Buy-Back Capacity to Target ASX CDIs from November

Strategic Shift in Capital Return

Light & Wonder, Inc. (L&W), a prominent player in the gaming and entertainment software sector, has announced its intention to broaden its ongoing share repurchase program to include its CHESS Depositary Interests (CDIs) listed on the Australian Securities Exchange (ASX). This move, effective from November 7, 2025, aligns closely with the company’s planned delisting from the Nasdaq on November 13, 2025.

The original share repurchase program, initiated in June 2024 and subsequently upsized in July 2025 from $1 billion to $1.5 billion, has been a significant capital allocation strategy for L&W. As of November 5, 2025, the company retains approximately $705 million in remaining buy-back capacity, which it expects to deploy meaningfully before year-end across both the Nasdaq and ASX markets.

Navigating the Transition from Nasdaq to ASX

The timing of the buy-back extension is strategic, coinciding with L&W’s transition from a U.S.-based Nasdaq listing to a standard ASX listing. This shift not only reflects a change in the company’s market focus but also signals a commitment to maintaining liquidity and shareholder value in the Australian market. Post-delisting, L&W intends to continue repurchasing its ASX-listed CDIs, subject to available capacity and market conditions.

Goldman Sachs Australia Pty Ltd has been appointed as the broker to facilitate the buy-back on the ASX, underscoring the company’s intent to execute this program efficiently and with strong market support. However, L&W retains full discretion over the timing and volume of repurchases, with the program subject to suspension or discontinuation at any time.

Implications for Investors and Market Dynamics

For investors, this announcement offers a clear signal of L&W’s confidence in its valuation and future prospects. Share repurchases often indicate management’s belief that the stock is undervalued or that returning capital to shareholders is a priority. The extension to ASX-listed CDIs also enhances accessibility for Australian investors, potentially improving liquidity and market depth.

Nonetheless, the discretionary nature of the buy-back program means that market participants should monitor actual repurchase activity closely. The company’s ability to navigate regulatory approvals and market conditions will be critical in determining the program’s ultimate impact on share price and capital structure.