{"id":10222,"date":"2020-09-22T21:57:00","date_gmt":"2020-09-22T21:57:00","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=10222"},"modified":"2026-04-24T01:37:16","modified_gmt":"2026-04-24T04:37:16","slug":"tabcorp-sells-interest-in-jumbo-interactive","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/tabcorp-sells-interest-in-jumbo-interactive","title":{"rendered":"Tabcorp sells interest in Jumbo Interactive"},"content":{"rendered":"\n

The company is expected to obtain almost\u00a0US$50 million through the sale.\u00a0<\/p>\n\n\n\n\n\n\n\n

Australia.-\u00a0Lottery operator Tabcorp has announced it has entered an agreement with UBS to sell its 11.6 per cent stake in its online competitor Jumbo Interactive.\u00a0\u00a0<\/p>\n\n\n\n

Tabcorp will sell 7,234,178 shares in Jumbo at a price of AU$13.52 (US$9.69) per share for gross proceeds of approximately AU$98m (US$70.24m).\u00a0Profits after taxes are expected to reach AU$69m (US$49.46m).\u00a0\u00a0<\/p>\n\n\n\n

The operation is expected to complete on September 24. Tabcorp will use the proceeds to pay down existing bank debt facilities.\u00a0\u00a0<\/p>\n\n\n\n

Tabcorp\u2019s managing director and CEO, David Attenborough, said in a release to the Australian Securities Exchange: \u201cFollowing the recent extension of our long-standing commercial distribution relationship with Jumbo for a ten-year term to August 2030, there is no longer a strategic rationale for Tabcorp\u2019s shareholding in Jumbo.\u201d\u00a0\u00a0<\/p>\n\n\n\n

She explained the company had decided to monetise its participation in the online lottery operator and use the profits to boost financial results in the first half of 2021 and\u00a0strengthen its balance sheet.\u00a0<\/p>\n\n\n\n

Proceeds will also\u00a0support Tabcorp\u2019s\u00a0move towards a \u201crecently revised target gearing range.\u201d\u00a0<\/p>\n\n\n\n

Jumbo, meanwhile, has recently announced plans to expand its operations in international markets<\/a><\/em><\/strong> such as Canada, the US and the UK.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is expected to obtain almost\u00a0US$50 million through the sale.\u00a0<\/p>\n","protected":false},"author":2,"featured_media":10224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Tabcorp has divested its 11.6% stake in online lottery competitor Jumbo Interactive to UBS for approximately AU$98 million, realizing an after-tax profit of AU$69 million. This strategic sale, following a long-term commercial distribution agreement with Jumbo, aims to reduce Tabcorp's bank debt, strengthen its balance sheet, and align with revised gearing targets. Jumbo, meanwhile, is pursuing international expansion into markets including Canada, the US, and the UK.","focusai_entities":"Tabcorp, UBS, Jumbo Interactive, David Attenborough, Australian Securities Exchange","focusai_location":"Australia, Canada, US, UK","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Tabcorp Gearing Impact","query":"How will the AU$98m proceeds from the Jumbo stake sale specifically impact Tabcorp's revised target gearing range and its capacity for future capital deployment or M&A activities?"},{"label":"Jumbo Strategic Implications","query":"What are the long-term strategic implications for Jumbo Interactive following Tabcorp's divestment, particularly concerning its international expansion plans in Canada, the US, and the UK, and potential shifts in its shareholder base?"}],"footnotes":""},"categories":[16336,157],"tags":[289,12399,13716],"class_list":["post-10222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-australia","tag-jumbo","tag-tabcorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=10222"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10222\/revisions"}],"predecessor-version":[{"id":10247,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10222\/revisions\/10247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10224"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=10222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=10222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=10222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}