“Extensive” approval process delays Jumbo’s purchase of Stride Management
| By Robert Fletcher
Lottery retailer Jumbo Interactive has said its planned acquisition of Canadian lottery management provider Stride Management will now not take place until mid-2022 due to an “extensive” regulatory approval process.
In August of this year, Jumbo entered into an agreement to acquire 100% of Stride for a total cash consideration of $11.7m (£8.9m/€10.4m), in a deal it said would support its global expansion strategy.
Jumbo initially said the deal would go through before the end of 2021, but the retailer has now said that this will not occur until the fourth quarter of its 2021-22 financial year, ended 30 June, when it expects to receive approval to proceed with the purchase.
This delay, Jumbo said, is due to the extensive application and review process of both the Alberta Gaming, Liquor and Cannabis (AGLC) and Saskatchewan Liquor and Gaming Authority (SGLA).