Jumbo Interactive finalizes acquisition of Stride following approval from Alberta authorities

Both the Alberta Gaming, Liquor and Cannabis (AGLC) and Saskatchewan Liquor and Gaming Authority (SLGA) have approved the proposed acquisition of Stride by Jumbo. The deal, agreed in August last year, is set to be completed on 1 June, subject to certain closing deliverables outlined in the share purchase agreement. Although Stride’s contribution to Jumbo’s earnings for the 2022 financial year is not expected to be significant, the acquisition supports Jumbo’s global expansion strategy. Originally scheduled to close by the end of 2021, the deal was delayed due to the lengthy application and review process by the AGLC and SLGA. Stride, based in Calgary, serves over 750,000 active lottery players in Alberta and Saskatchewan, allowing Jumbo to enter the Canadian charity lottery market for the first time. This acquisition follows Jumbo’s prior purchase of UK lottery business Gatherwell in November 2019 and includes a payment structure of 70% in cash upon completion and the remaining 30% in two cash instalments in FY22 and FY23, subject to meeting earnings hurdles.