Private equity group CVC Capital Partners has agreed a deal to acquire a majority stake in German sports betting group Tipico.
Although financial details of the agreement were not disclosed, it was confirmed that, subject to the approval of the relevant the anti-trust authorities, the transaction should go through during the third quarter of this year.
In a statement confirming the acquisition deal, CVC said the current proprietors of Tipico will continue to serve as shareholders in the group.
“Tipico will be able to benefit from CVC's extensive industry expertise, most notably from their experience as the majority owner of Sky Bet, a leading operator in the UK's betting market,” CVC added in the statement.
“CVC has also previously had investments in the sports betting provider William Hill and the IG Group, a digital trading and betting platform.”
Confirmation of the deal comes after the Reuters news agency earlier this month reported that German telecommunications firm Deutsche Telekom has linked up with buyout group Centrebridge to launch a bid for Tipico.
Sources told Reuters the bid was set to value Tipico at €1 billion ($1.1 billion).
China-based buyout firm XIO Group was also said to be interested in acquiring the firm.
Related article: Deutsche Telekom partners Centerbridge for Tipico bid – report