Betclic parent company Banijay Group has signed a binding agreement with private equity and investment firm CVC to acquire a majority stake in Tipico Group.  

The financial package to fund the deal is worth approximately €3bn (£2.6bn), which includes the refinancing of Tipico Group’s existing debt, underwritten by Betclic’s main financing partners. 

The deal sees the Betclic and Tipico brands – including Admiral Austria, which Tipico completed its acquisition of in September – come together, with Banijay Group becoming the majority shareholder of the combined entity. 

Banijay Group will initially hold a 65% stake in the business, though the aim is to increase the holding to a minimum of 72% through call options agreed on the shares held by CVC and the managers of Tipico. 

The agreement will also see all Betclic and Tipico shareholders, including the founders of both companies, become shareholders of the new merged operator. 

As part of the transaction, Betclic will divest its 53.9% stake in German operator in Bet-at-home.com AG. 

Both parties expect the transaction to complete midway through 2026, pending necessary regulatory approval and customary closing conditions being met.  

Banijay Gaming’s post-transaction leverage is projected to be 3.5x, with strong cash flow generation expected to reduce leverage to under 2.5x within three years after closing.

The terms of the deal value the Betclic and Tipico brands at €4.8bn and €4.6bn, respectively. 

From 1 January 2026, Betclic CEO Nicolas Béraud will become chairman of the board of Banijay Gaming. He will be replaced in his role by Julien Brun, the current COO of Betclic.  

Meanwhile, Joachim Baca, chairman and former CEO of Tipico, will become vice-chairman of Banijay Gaming’s board.  Axel Hefer, CEO of Tipico, will remain in his current role, it was announced.

Transformative deal

François Riahi, CEO of Banijay Group, said: “We are delighted to announce this transformative deal for Banijay Group. As presented during our Capital Markets Day, Banijay Group is a natural consolidator in the field of entertainment and is able to seize opportunities to expand and to create value.  

“Tipico fits perfectly well in this strategy and is in line with our DNA: strong leader in two important markets, fully regulated, product focused, highly profitable, providing us – in the sports betting business – with the reach, the scale and the diversification that already make the strength of our content business.  

“I am particularly pleased to see that Tipico founders have decided to partner with us to build a new European leader in the sports betting business, rolling over all their stake in Tipico into Banijay Gaming, which is fully consistent with our DNA to gather strong entrepreneurs for the long term and a testimony to their trust in the future value creation.” 

Betclic founder Nicolas Béraud will become chairman of Banijay Gaming

Together, Betclic and Tipico have consolidated footholds in markets including Germany and Austria (both Tipico), as well as France, Portugal, Poland and the Ivory Coast (Betclic). 

The two entities coming together will mean the combined operator will become the fourth largest sports betting and igaming operator in Europe, management said.

Banijay Group has projected the combined businesses will generate €6.4bn in revenue and adjusted EBITDA of €1.4bn in 2024 on a pro forma basis.  

When looking at Banijay Gaming specifically, revenue, adjusted EBITDA and free cash flow are all expected to double. 

Banijay Gaming reported revenue of €784.4m for the first half of 2025, up 12.5% year on year. 

Béraud said: “It is an exciting landmark moment for Betclic and Banijay Gaming. Through the proposed combination leveraging three strong brands: Betclic, Tipico, Admiral – Banijay Gaming is building a new European leader – one that combines scale with innovation and a deep commitment to sustainable, regulated entertainment.  

“Betclic and Tipico share the same set of values: the passion for sport, the sense of innovation and the focus on the markets where they can win. Together, we will be stronger, with the scale, talent, and innovation needed to deliver unmatched experience for our players, while opening new opportunities for our teams and partners across Europe.” 

Hefer added: “Joining forces with Betclic represents a pivotal milestone in Tipico’s growth journey. It is the deal we have been working towards – from refocusing on Europe after the sale of our US business, to last year’s expansion in Austria, and now building a broader European platform.  

“This partnership provides the scale and resources to accelerate product innovation, make bold investments in technology and set new standards for our customers. Combining local market knowledge with a truly European vision will unlock untapped potential and create lasting value for our customers, our employees, our partners and the industry at large.” 

At the time of writing, Amsterdam-listed Banijay Group’s share price has remained flat at €9.90 since the market opened.

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