Flutter Entertainment has completed the acquisition of Tombola Ltd for an enterprise value of GBP402 million.

The Dublin-based Paddy Power betting chain owner announced the acquisition of Sunderland, England-based online bingo company Tombola Ltd back in November.

The deal was in cash and fully funded through Flutter’s current cash and debt facilities, after merger control clearance by the UK Competitions & Markets Authority was received.

Tombola generated pro-forma revenue of GBP164 million in the year ended April 2021. Adjusted earnings before interest, tax, depreciation and amortisation came in at GBP38.5 million. Flutter said 80% of this revenue came from the UK.