CVC Capital Partners acquisition of majority stake in Tipico

Overview:

• CVC Capital Partners has acquired a 60% stake in Germany's biggest private betting company, Tipico, from the company's founders. 
• The fee for the majority stake in the Malta based business values it at €1.4 billion, according to press reports citing sources close to the deal. 
• Tipcio's owners put 60% of the business up for auction in 2015.
• CVC beat off competition from Xio Group, Advent, Centerbridge, and Deutsche Telekom to secure the acquisition.
• CVC already has an investment in gambling company Sky Bet, which it acquired 80% of in March 2015. 
• In May 2016, CVC negotiated a deal to add another betting company to its portfolio, agreeing to buy Italian company Sisal for €1 billion.
• CVC said it expected the acquisition of Tipico to close in late 2016. 

Ben Naylor - Regional editor