Flutter Entertainment Finally Acquires Tombola
Flutter Entertainment has reportedly announced the completion of its acquisition of UK bingo operator Tombola.
The purchase, which was initially announced last year, was completed after Flutter Entertainment fulfilled all requirements and regulatory confirmations, including paying £402m fully funded by the group’s current cash and debt facilities.
According to the firm, the acquisition of Tombola will enable it to deliver several “key strategic advantages” with the diversification of its products.
The Irish bookmaking company asserted that Tombola would help create a more engaged and sustainable player while enhancing Flutter’s safer gambling strategy.
Tombola is one of two companies Flutter started the process of purchasing last year. The second is Sisal, an Italian gaming operator from CVC Capital Partners Fund VI for £1.62bn.
The purchase, payable in cash and in full, is scheduled to be completed in the second quarter of 2022.
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.