Lottery retailer Jumbo Interactive has completed its acquisition of Canada-based lottery management provider Stride Management.
Jumbo agreed to acquire 100% of Stride for a cash consideration of $11.7m (£9.3m/€10.9m) in August last year, in a deal it said would mark another key strategic step in its international expansion strategy following the purchase of Gatherwell in November 2019.
The acquisition was initially expected to go through before the end of 2021, but Jumbo said in December that this would not occur until the fourth quarter of its 2021-22 financial year, ended 30 June, due to delays in the approval process.
The deal required the green light from both Alberta Gaming, Liquor and Cannabis (AGLC) and the Saskatchewan Liquor and Gaming Authority (SGLA). Jumbo said “extensive” checks from the regulators meant the deal could not proceed as early as planned.
However, Jumbo last month confirmed it has received clearance from the AGLC and SGLA, allowing the deal to complete late last week.
Calgary-based Stride provides services to more than 750,000 active lottery players in the Alberta and Saskatchewan provinces, with the deal to enable Jumbo to move into the Canadian charity lottery market for the first time.
Jumbo said Stride’s contribution to its earnings for the 2022 financial year is not expected to be material.
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