Industry News

Jumbo Completes Acquisition of StarVale

Published

2 years ago

November 3, 2022

Niji Narayan

Reading Time: < 1 minute

Jumbo Interactive has completed the acquisition of StarVale Group.

The deal, which was agreed in January of this year, is worth a total consideration of £23m. Jumbo paid an initial £12m in addition to £6.5m in surplus cash funds that was also due upon completion of the acquisition.

A deferred consideration of up to £4.5m will be held in escrow and payable in the first half of 2024, subject to the achievement of certain earnings targets for the 12-month period ended 30 June 2023.

Jumbo, which settled 63% of the consideration from available cash reserves and 37% using existing debt facilities, said it remained in a net cash position following the deal.

The acquisition was able to complete after Jumbo was able to satisfy a number of closing conditions, including regulatory approval from the UK Gambling Commission, which was secured last month, after other approvals had been received earlier this year.

Related Topics:Jumbo Interactive StarVale Group UK Gambling Commission

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.