Banijay Group announces the acquisition of 65% of Tipico Group from private equity firm CVC, planning to merge Tipico with its Betclic brand to create a leading enterprise in the European gambling industry. The transaction values Tipico at 4.6 billion euros and Betclic at 4.8 billion euros, supported by 3 billion euros in specialized financing, expected to be completed by mid-2026, pending regulatory approval. The merged group is projected to have a pro forma revenue of 6.4 billion euros, becoming the fourth largest sports betting operator in Europe, with over 1250 retail betting shops, covering regulated markets in Germany, Austria, France, and others.
Transaction Details and Merger Framework
Banijay Group acquires 65% of Tipico Group in cash and seeks to increase its stake to at least 72% through an option plan. The transaction is supported by 3 billion euros in specialized financing, with valuations of Tipico and Betclic at 4.6 billion euros and 4.8 billion euros respectively. After the merger, Tipico's founders will transfer their shares to the newly established Banijay Gaming Group, and Betclic's main financing partners will refinance and underwrite the existing debts of Tipico. The transaction is expected to be completed by mid-2026, subject to merger review and regulatory approval.
Strategic Layout and Market Positioning
The merged Banijay Gaming Group will become the fourth largest sports betting and gaming operator in Europe, with a pro forma annual revenue of 6.4 billion euros and an adjusted EBITDA of 1.4 billion euros. The group will have a strong regulatory market influence and a large retail network, covering over 1250 betting shops. The transaction includes Tipico's Admiral business in Austria, but Betclic will sell its 53.9% stake in the German company Bet-at-home. The group will focus on regulated markets where it already operates, such as Germany, Austria, and France, enhancing its localized operational advantages.
Management Adjustments and Development Prospects
Starting January 2026, Betclic CEO Nicolas Béraud will serve as the chairman of the Banijay Gaming board, with Lov Group Invest remaining as president, and Betclic COO Julien Brun taking over as CEO. Former Tipico CEO Joachim Baca will become the vice-chairman of the board, while the current CEO of Tipico, Axel Hefer, will retain his position. Analysts believe the merger is likely to bring synergistic benefits, but its long-term value depends on the ability to achieve regulatory liberalization in core markets and successfully replicate the "local expert" model to address black market competition challenges.
