CVC took a majority stake in leading British betting firm
Sky Bet in late 2014, and had been involved with similar firms
such as William Hill and IG Group, it said.
A purchase price was not announced, due to confidentiality
agreements, CVC said in a statement, adding the deal is subject
to clearing by the relevant cartel authorities and is expected
to be completed in the third quarter of 2016.
Privately-held Tipico – a sponsor of soccer clubs like FC
Bayern or Hamburg’s HSV – was put up for sale by its founders in
a recent auction.
FRANKFURT, April 24 Funds advised by private
equity group CVC Capital Partners on Sunday signed a binding
agreement to acquire a majority stake in betting firm Tipico,
Germany’s largest private sports betting group, CVC said.
(Reporting by Vera Eckert; Editing by Ruth Pitchford)
Sources earlier this month said buyout group Centerbridge
had joined up with Deutsche Telekom to bid for
Tipico, with one adding the planned offer may value Tipico at
about 1 billion euros ($1.1 billion) or nine times its expected
They said at the time that CVC was also expected to bid,
($1 = 0.8913 euros)
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