SBC News CVC Capital confirms Tipico acquisition

CVC Capital confirms Tipico acquisition

tipico

Private equity firm CVC Capital Partners furthers its presence in online gambling having acquired a majority stake in German focused sports betting operator Tipico Co Ltd.

CVC adds the Malta licensed betting operator to its gambling portfolio, having secured the acquisition of Sky Betting & Gaming in December 2014 for £800 million.

As yet no financial terms have been disclosed regarding the sale of Tipico, however the owners of the company have previously disclosed that they would only sell the asset unless a buyer met its + €1 billion valuation by advisors JP Morgan and Rothschild.

Founded in 2004, the Tipico’s sports betting brand is amongst the most prominent in German and Austrian markets, the bookmaker is currently official betting partner of Bayern Munich, Germany’s biggest football club.

Last month Reuters Europe reported that New York private equity firm Centerbridge would support Deutsche Telekom in a joint takeover bid for Tipico, as Germany plans to regulate its online sports betting market to the standards required by the European Union.

Due to persistent condemnation by the European Union for not offering service-provision freedom, Germany has since 2008 on several occasions tried to deregulate its state-betting monopoly and open it up for private providers.

CVC Capital governance confirmed its acquisition of Tipico Co on the 24 April.

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