CVC Capital Partners confirmed yesterday (Sunday) the acquisition of a majority stake in Tipico Co Ltd.
Luxembourg.- Private equity firm CVC Capital Partners announced its acquisition of a majority stake in Tipico Co Ltd. on April 24.
Tipico was founded in 2004 and the sports betting brand is amongst the most prominent in German and Austrian markets. The operator is Bayern Munich’s official betting partner. Bayern is Germany’s biggest football club.
Whilst the firm adds the Malta licensed betting operator to its gambling portfolio, CVC Capital Partners furthers its presence in the online gambling industry having secured the acquisition of Sky Betting & Gaming in December 2014 for £800 million (US$1.1 billion.)
Back in March, Reuters Europe reported that Centerbridge, New York private equity firm, would support Deutsche Telekom in a joint takeover bid for Tipico, after Germany was required to regulate its online sports betting market to the standards outlined by the European Union.
Since 2008, Germany has tried in several opportunities to deregulate its state-betting monopoly and open it up for private providers to comply with the EU’s guidelines. On its part, the European Union has persistently berated Germany for not offering service-provision freedom.