Jumbo Interactive Limited (ASX: JIN) has announced that it has entered into a conditional Share Purchase Agreement to acquire lottery manager Gatherwell Limited (Gatherwell) for ?5.0 million cash (~A$9.1 million).
- The acquisition is subject to the UK Gambling Commission approving the Gatherwell change in control.
- Jumbo expects to receive a response from the UK Gambling Commission by 31 January 2020.
- The company will fund this acquisition using internal cash sources.
- The acquisition price is based on a forward-looking Price/Net Profit before Tax multiple of ~6.2x to ~7.8x as at 30 June 2021
At AEST (12:46 PM), the stock was trading at $21.660, up by 6.647 per cent from the previous close.
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