Dublin-based gambling firm Flutter Entertainment has bought leading UK online bingo operator Tombola for £402m (€479m)
Tombola has around 400,000 average monthly players and over 700 employees.
It has seen compound annual growth in revenue of 23pc over the last five years.
In its financial year to end-April 2021, Tombola generated pro forma revenue of £164m (€195m) and earnings before interest, taxes, depreciation, and amortization of £38.5m (€45.8m).
The deal is conditional on merger control clearance by the UK Competition and Markets Authority, expected in the first quarter of 2022.
Flutter said in a statement on Thursday the acquisition is part of Flutter’s diversification strategy, and will enhance Flutter’s presence in its core UK market.
“As the world's leading online gambling operator, Flutter is delighted to add Tombola, the UK's premier bingo brand to the Group,” said Flutter chief executive Peter Jackson.
"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.”
The news comes after it emerged that Mr Jackson is joining the board of food delivery service Deliveroo as an independent non-executive director from 1 January.
He will also be a member of the company’s nomination committee and the audit and risk committee.
Dublin-based Flutter is the world’s largest online gambling group, with extensive operations in Ireland, the UK, Australia and the United States. It also owns stakes in businesses in other countries such as India.