Light & Wonder expands buy-back to ASX CDIs: Key details for shareholders

Light & Wonder is extending its US$1.5bn buy-back to ASX-listed CDIs, with around US$705m capacity remaining.

Laura Stewart

Author bio Laura Stewart is a Finance Editor at The Motley Fool, where she covers Australian and international equity markets. She joined the company in 2022, following a career transition from legal advisory work in Southeast Asia into the investment industry. Prior to her current editorial role, Laura spent three years as an Equity Analyst and Writer, producing investment research across the ASX, NYSE, and NASDAQ. Her coverage included small-cap growth companies, thematic investment ideas, and high-quality U.S.-listed businesses. Laura holds a Master of Applied Finance and brings additional expertise in accounting, taxation, and estate and wealth planning from her postgraduate studies. She also has a background in law and communications, which supports her analytical and reporting work in financial markets. Outside of work, she enjoys spending time in the Adelaide Hills with her flock of sheep. Education Laura holds a Bachelor of Laws, a Bachelor of Communication (Journalism), and a Bachelor of Commerce with majors in Accounting and Corporate Finance. In 2025, she completed a Master of Applied Finance at the University of Adelaide, receiving postgraduate awards in Accounting Concepts & Methods, Ethical Principles in Accounting & Finance, Real Estate Valuation & Investment, and Tax, Estate & Wealth Planning. Social media LinkedIn FYI – I am taking a break from social media at the moment, so this account isn’t active at the moment, but I will let you know when I rejoin. Favorite investment quote "Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it." — Albert Einstein

Published November 7, 2025 9:50 am AEDT

The Light & Wonder Inc. (ASX: LNW) share price is in focus as the company reveals plans to expand its ongoing share buy-back to include its CHESS Depositary Interests (CDIs) on the ASX, with approximately US$705 million remaining in repurchase capacity after a recent upsizing.

A young couple sits at their kitchen table looking at documents with a laptop open in front of them. — Image source: Getty Images

What did Light & Wonder report?

Share Repurchase Program expanded from US$1 billion to US$1.5 billion on 31 July 2025
Program authorised until 12 June 2027
About US$705 million buy-back capacity remained as of 5 November 2025
Extension now includes buy-back of ASX-listed CDIs from 7 November 2025
Goldman Sachs Australia appointed as broker for ASX CDI repurchase

What else do investors need to know?

The buy-back will apply to both Nasdaq-listed shares and ASX-listed CDIs. Light & Wonder expects to make meaningful use of the available repurchase capacity by the end of 2025 as it prepares to delist from the Nasdaq and focus on an ASX standard listing.

The timing and size of repurchases will depend on market conditions, share price, and other business considerations. The company may suspend or discontinue the buy-back at its discretion.

What did Light & Wonder management say?

Oliver Chow, Executive Vice President, Chief Financial Officer & Treasurer said:

Subject to capacity remaining under the Share Repurchase Program, L&W intends to continue the buy-back of ASX-listed CDIs after it delists from the Nasdaq and converts to an ASX standard listing.

What's next for Light & Wonder?

Investors can expect the buy-back of both shares and CDIs to continue as the company transitions its listing to the ASX, subject to regulatory approvals and market conditions. Light & Wonder has stated its intention to utilise a significant portion of its available buy-back funds before year-end, which may offer some support to its share price.

The company also confirmed that all repurchases are subject to board approvals, capital allocation priorities, and other external factors.

Light & Wonder share price snapshot

Light & Wonder shares have declined 18% over the past 12 months, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 8% over the same period.

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