Image: Flutter Entertainment

Flutter Entertainment has continued to execute on its M&A intentions into 2022, with the gambling group announcing the completion of its previously announced Tombola transaction.

The acquisition, which became finalised following the receipt of all necessary regulatory confirmations, has seen Flutter pay £402m which has been fully funded through the group’s current cash and debt facilities.

The firm asserts that its latest portfolio addition is set to deliver several “key strategic advantages,” with diversification of its products one such benefit previously pinpointed.

Furthermore, the operator group also highlighted that Tombola would also create a more engaged and sustainable player base, while enhancing Flutter’s safer gambling strategy.

Peter Jackson, Flutter chief executive, has previously said of the deal: “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.”

To close the past year, Flutter secured terms for the acquisition of Italian online gaming operator Sisal from CVC Capital Partners Fund VI for £1.62bn.

Scheduled to be completed during the second quarter of 2022, the purchase, which is payable in cash and in full, is expected to be accretive to adjusted earnings in the first 12 months post-completion.