By Kyle Morris

Flutter Entertainment PLC said Thursday that it has bought U.K. online bingo operator Tombola for 402 million pounds ($542.3 million).

The Dublin-based gambling group said the deal enhances its online-gaming presence in its core U.K. market at an attractive valuation.

Tombola generated pro forma revenue of GBP164 million and earnings before interest, taxes, depreciation and amortization of GBP38.5 million in its fiscal year to the end of April 2021, Flutter said.

Tombola generates more than 80% of its revenue in the U.K. and 16% from Italy and Spain, Flutter said.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

11-18-21 0237ET