Flutter Entertainment PLC (LSE:FLTR) said it acquired Tombola, one of the UK's leading online bingo operators, for £402mln.
Tombola, which is located in Sunderland and Gibraltar, has around 400,000 average monthly players and over 700 employees.
It has a fully regulated revenue base with over 80% coming from the UK and 16% from Italy and Spain and has seen a revenue compound annual growth rate (CAGR) of 23% over the last five years, Flutter said in a statement.
Tombola will diversify its product offering and enhance its online gaming presence in its core UK market, Flutter addd.
Tombola recorded a proforma revenue of £164mln and EBITDA of £38.5mln in its financial year to end April 2021.
Commenting on the acquisition, Flutter chief executive Peter Jackson said: “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.”