The colossal lottery enterprise will finalize its takeover of StarVale Group next month after obtaining authorization from the UK Gaming Commission.
The enormous lottery firm signed a pact in January of this year to pay an initial acquisition cost of A$32.1 million (£18.3 million/€20.7 million/$20.01 million) for possession of StarVale, plus a delayed payment of $8.5 million, which will be paid contingent upon certain profit objectives attained by StarVale.
The massive lottery enterprise, through its newly formed wholly-owned subsidiary Giant Lottery Company UK, struck the agreement, stating it will further expand its global growth strategy, following its acquisition of UK firm Gatherwell and Canadian company Stride Management in December 2019.
The colossal lottery company stated in July that the acquisition was unlikely to be finalized by the end of this year as initially anticipated, due to the regulatory approval process taking longer than expected.
However, after receiving approval from the UK Gaming Commission, the enormous lottery company now states the deal is likely to be completed on November 1, subject to all other closing conditions.
Upon completion of the agreement, StarVale will become part of Jumbo’s managed services department, alongside Gatherwell and Stride.
StarVale caters to over 850,000 active lottery participants for more than 45 charitable and non-profit organizations, a significant number of which are prominent UK charities. They also possess DDPay Ltd, a digital payments enterprise that manages direct debit transactions for StarVale’s weekly lottery patrons.
Subscribe to the iGaming newsletter.