Jumbo completes £23m acquisition of StarVale


Jumbo Interactive has completed that the acquisition of StarVale Group, as announced to the ASX on 27 January 2022.

Following the satisfaction of all closing conditions under the terms of the Sale and Purchase Agreement, and the receipt of regulatory approval from the UK Gambling Commission on 12 October 2022.
The total consideration of £23.0 million (A$40.5 million1) was settled 63% from Jumbo’s available cash reserves and 37% using existing debt facilities and comprises: A £12.0 million (A$21.1 million) upfront paymenT.

StarVale surplus cash funds of £6.5 million (A$11.5 million1) acquired on completion; Deferred consideration of up to £4.5 million (A$7.9 million1) to be held in escrow and payable in 1H24, subject to the achievement of the earnings target for the 12-month period ended 30 June 2023. The Jumbo Group remains in a net cash position following completion of the acquisition.