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.
Peter Jackson, Flutter CEO, had previously commented on the development: “Tombola is a business we have long admired for its product expertise, highly recreational customer base and focus on sustainable play.
“The brand aligns closely with Flutter’s safer gambling strategy, a key area of focus for us. I am excited to combine Flutter’s digital marketing expertise with Tombola’s operational capabilities within the UK & Ireland division.
“As the time comes for Phil to hand over the reins, I would like to thank him for building the success story that the business is today, and I look forward to welcoming the Tombola team to Flutter and growing a sustainable business for the future together.”
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.