HSF Kramer advises Light & Wonder, Inc. on the Australian law aspects of its transition to sole standard ASX listing

Herbert Smith Freehills Kramer (HSF Kramer) is pleased to announce that it has advised Light & Wonder, Inc. (ASX: LNW) (Light & Wonder) on its transition to a sole standard listing on the ASX. Light & Wonder began trading on ASX as a standard listing at 10:00am on Friday, 14 November 2025.

Light & Wonder is a leading cross-platform global games company. Light & Wonder currently has a market capitalisation in excess of AUD$10.5 billion. This milestone follows Light & Wonder’s strategic decision to consolidate its trading liquidity and capital markets presence on the ASX, aligning with its long-term growth ambitions and shareholder base. The transition reflects Light & Wonder’s confidence in the depth and sophistication of the Australian market.

HSF Kramer previously advised Light & Wonder on its secondary listing on the ASX alongside its primary Nasdaq listing.

The HSF Kramer team was led by corporate partners Michael Ziegelaar and Alex Mackinnon and senior associate Ling Zhu who were supported by solicitors Nick Gillies and Sarah Leong. Carolyn Pugsley (Partner), Bianca Marcocci (Senior Associate) and Samuel Goodear (Solicitor) advised on the corporate governance aspects of the transaction. Light & Wonder’s US legal advisor was Cravath, Swaine & Moore LLP.

Michael Ziegelaar said: “We are delighted to have supported Light & Wonder on this landmark transaction, which marks a significant milestone for Light & Wonder and for the Australian equity capital markets.”

Alex Mackinnon said: “It was a pleasure to work with the Light & Wonder team on such a novel and significant transaction. This transaction is another example of our team’s market leading ECM work. It is the biggest new standard listing on ASX since the Telstra IPO and is unprecedented in terms of a large US company moving from a US exchange to the ASX. We congratulate Light & Wonder on this successful outcome and look forward to watching its ongoing success.”

Ling Zhu said: “We are proud to have built further on our strong relationship with Light & Wonder by supporting the business through this pivotal transition. The move of a business of Light & Wonder’s calibre to a sole ASX listing is exciting for Australian equity capital markets.”

Other examples of HSF Kramer’s recent market leading ECM work include advising:

• Chemist Warehouse on its A$34 billion merger with Sigma Healthcare.
• HMC Capital on the A$2.75 billion IPO of DigiCo Infrastructure REIT. This was Australia’s largest IPO in 2024.
• the Joint Lead Managers to Xero Limited’s placement and share purchase plan to raise up to ~A$2.05 billion
• Bank of America, Barrenjoey and Canaccord as joint lead managers on the redomiciliation and IPO of Greatland Resources Limited for a market capitalisation of A$4.9 billion, comprising a A$50 million primary raise and A$440 million selldown by existing shareholders.
• GemLife on its A$750 million IPO and ASX listing
• MA Financial Group Limited in relation to the successful A$330m IPO and ASX listing of the MA Credit Income Trust
• Vitrafy Life Sciences on its successful A$117.5 million IPO