CVC takes majority stake in betting firm Tipico | Reuters

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

core earnings.

They said at the time that CVC was also expected to bid,

among others.

($1 = 0.8913 euros)

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