Jumbo to complete Stride acquisition after Canadian approvals

Lottery retailer Jumbo Interactive hopes to complete its acquisition of lottery management provider Stride Management in the coming days after securing approval from both the Alberta Gaming, Liquor, and Cannabis (AGLC) and Saskatchewan Liquor and Gaming Authority (SLGA).

Jumbo entered into an agreement to acquire 100 per cent of Stride in August 2021 in a deal it said would support its global expansion strategy.

The AGLC and SLGA have now approved the proposed acquisition and it is anticipated the deal will be completed on June 1.

Jumbo had initially said the deal would go through before the end of 2021, but the retailer in December said this would not occur until the fourth quarter of its 2021-22 financial year due to the extensive application and review process of both the AGLC and SGLA.

Calgary-based Stride provides services to over 750,000 active lottery players in the Alberta and Saskatchewan provinces, and the deal will enable Jumbo to move into the Canadian charity lottery market for the first time.

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