The Irish bookmaking holding company Flutter Entertainment has finalized its acquisition of the British online bingo platform Tombola – a deal that was announced back in November. Following the agreement’s completion, Flutter appointed Ben Reilly, the commercial director of Paddy Power Sports, as the managing director of the newly acquired business.
Flutter Completes Acquisition
The whole deal saw Flutter add the bingo business to its family for $548 million after local regulators approved the transaction. An official announcement by the company read:
“Flutter is pleased to announce it has received all necessary regulatory confirmations with respect to the acquisition of Tombola With these confirmations now in place, the group has completed the acquisition in cash, fully funded through the group’s current cash and debt facilities.”
Peter Jackson, the chief executive officer of Flutter, had spoken on the deal back in November. He revealed that he is delighted by the opportunities the acquisition presents. According to him, Tombola is a business that Flutter had long admired for its “product expertise, highly recreational customer base and focus on sustainable play.”
All of this corresponds to Flutter’s philosophy for a healthier gambling industry.
Reilly Becomes MD of the Newly-Acquired Firm
As Flutter has completed the acquisition, it has decided to appoint Ben Reilly as the managing director of Tombola.
Reilly is a talented individual who once joined Paddy Power as an online graduate but quickly rose in the ranks and proved his savvy and deeper understanding of the industry. He’s worked with the company for more than a decade now and is well-suited for the responsible role of leading Tombola.
“I am delighted to have been appointed MD of Tombola and look forward to working closely with its talented team to further cement its position as the UK’s leading online bingo operator,” Reilly said.
He mentioned that the Tombola acquisition is a strong move that will surely benefit Flutter’s business. Reilly explained that the British brand’s “highly engaged recreational customer base” and its “rich heritage in safer gambling” are key traits to that end.
“I’ve no doubt it will prove to be a valuable and complementary addition to the strong stable of brands already within Flutter’s UK and Ireland division,” Reilly explained.
Acquiring new businesses has been Flutter’s core growth strategy in the past few months. In October the company purchased all of Singular’s shares, effectively taking the business under its wing. In December, Flutter continued the M&A approach and acquired Sisal in $2.2 billion deal.