CVC Capital Partners announced today that funds advised by CVC Capital Partners ("CVC") have signed a binding agreement for the acquisition of a majority stake in Tipico Group ("Tipico"). The current proprietors will remain shareholders in the company. The financial details of the transaction were not disclosed. The transaction is subject to the approval of the relevant anti-trust authorities and is expected to close in the third quarter of 2016.
Founded in 2004, Tipico is the market-leading provider of sports betting in Germany, with a strong position across other European markets as well. The company operates an innovative, digital multichannel offering with leading online and mobile portals, as well as more than 1,000 betting shops. As a premium brand, Tipico is able to offer a large range of bets while continuing to uphold the highest standards in customer service and consumer protection. Tipico currently has more than 5,000 employees and operates in five countries.
Following the transaction, Tipico will be able to benefit from CVC's extensive industry expertise, most notably in their previous investments in the sports betting provider William Hill and the IG Group, a digital trading and betting platform.