Latham & Watkins Advises CVC and Founders on Sale of Majority Stake in Tipico Group

Latham & Watkins LLP has advised European private equity firm CVC and the founders of Tipico on an agreement to sell a majority stake in Tipico Group to Banijay Group and reinvest in the combined group. The transaction will see Tipico combine with Betclic, establishing a new European champion in sports betting and online gaming under the Banijay Gaming umbrella. With the addition of Tipico Group, Banijay Group’s pro forma revenue would rise to €6.4bn and its adjusted EBITDA to €1.4bn in 2024.

CVC will remain invested as a minority shareholder alongside Banijay Group as well as Tipico’s and Betclic’s founders, reflecting a strong partnership and full alignment on future value creation.The proposed transaction is subject to customary conditions precedent, in particular merger control and gambling regulations approvals, and is expected to close by mid-2026.

Latham represented CVC with a team led by private equity partners Oliver Felsenstein and Maximilian Platzer, with corporate partner Alexander Crosthwaite, and associates Corinna Freudenmacher, Soenke Bock, Lara Stelmach, Jakob Baldes, Morgane Chaloin, and Lennart Werbeck. Advice was also provided on tax matters by partner Stefan Suess; on antitrust matters by partners Luca Crocco and Max Hauser, with counsel Wesley Lepla and associate Jean-Baptiste Douchy; on litigation matters by partners Anne Loehner and Alena McCorkle, with associate Greta Schloen; and on corporate/IP matters by partner Susan Kempe-Mueller.