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Jumbo Interactive has completed the acquisition of StarVale Group.

The deal, which was agreed in January of this year, is worth a total consideration of £23m. Jumbo paid an initial £12m in addition to £6.5m in surplus cash funds that was also due upon completion of the acquisition.

A deferred consideration of up to £4.5m will be held in escrow and payable in the first half of 2024, subject to the achievement of certain earnings targets for the 12-month period ended 30 June 2023.

Jumbo, which settled 63% of the consideration from available cash reserves and 37% using existing debt facilities, said it remained in a net cash position following the deal.

The acquisition was able to complete after Jumbo was able to satisfy a number of closing conditions, including regulatory approval from the UK Gambling Commission, which was secured last month, after other approvals had been received earlier this year.