Jumbo Interactive Limited (ASX:JIN) entered into an agreement to acquire StarVale Group for £17 million on January 27, 2022. The consideration is based on £16 million (£12 million upfront payment and £4 million deferred consideration) and FY23 expected NPBT of £2.2 million. Up to a further £0.5 million in consideration may be payable if NPBT exceeds £2.2 million. Jumbo has successfully secured a new £26.5 million senior debt facility for up to five years. The current management team of StarVale, including the founder Phil Magleave, will remain with the business post completion. Completion of the transaction remains subject to UK Gambling Commission approval which is anticipated by the end of FY22. Jumbo anticipates the regulatory approval to be received by the end of first quarter of FY23. As of October 12, 2022, the transaction has been approved by the UK Gambling Commission. The transaction is expected to close in November 1, 2022.

Jumbo Interactive Limited (ASX:JIN) completed the acquisition of Starvale Management And Technologies Limited for £23 million on November 1, 2022. Under the terms, the total consideration of £23.0 million was settled 63% from Jumbo's available cash reserves and 37% using existing debt facilities. StarVale surplus cash funds of £6.5 million was acquired on completion.