Lottery retailer Jumbo Interactive has completed its acquisition of UK external lottery manager and digital payments business StarVale Group.
The deal, which was agreed in January of this year, is worth a total consideration of £23.0m (€26.7m/$26.4m). Jumbo paid an initial £12.0m 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 Great Britain Gambling Commission, which was secured last month, after other approvals had been receiv..