Flutter Entertainment has announced the finalised acquisition of Tombola, as it completes its second major takeover in as many months to continue its M&A focus into 2022.
Detailing its ambitions following the merger, the FTSE100 gambling group has emphasised that Tombola will deliver ‘key strategic advantages’ as part of its wider portfolio of brands, in particularly diversifying its products.
Additionally, Flutter also noted that the addition of Tombola to its holdings would drive the creation of a more engaged and sustainable player base, whilst also fitting in with the company’s safer gambling policies.
The firm paid a total consideration of £402 million for the bingo site, funded through cash and debt facilities, with the acquisition finalised after Flutter secured all necessary regulatory requirements.
Commenting on a Linkedinn post, Flutter Entertainment UK and Ireland CEO Conor Grant said: “I am delighted to announce we have completed the acquisition of Tombola, the UK’s leading online bingo operator.
“This acquisition will strengthen our gold medal position in the UK by providing us with a highly engaged and passionate recreational base, and allowing us to offer market-leading products across all segments, including bingo and arcade games.
“I’d like to warmly welcome all the Tombola team to Flutter’s UK&I division and look forward to working with them to grow the business.”
Flutter has also confirmed that its new subsidiary will be overseen by Ben Reilly, who will take on the position of Managing Director, moving on from his current position as Commercial Director of Paddy Power Online.
The acquisition follows on from Flutter’s takeover of Sisal towards the end of the last year, which saw the firm pay €1.9 billion (£1.62 billion to acquire the Italian gambling group from its previous owner, US private equity firm CVC Holdings.
By implementing its M&A strategy, Flutter has detailed an objective of strengthening its omni channel offering, while by securing ownership of Sisal the group is also eyeing up a greater presence in the Italian market.