The Banijay Tipico deal is expected to close in mid-2026. The Tipico and Betclic brands will be merged.
Banijay Group has acquired a 65% stake in Tipico Group from private equity giant CVC. On Tuesday the operator said it planned to merge the Tipico and Betclic brands to create a European gambling leader.
In a statement on Tuesday, Banijay Group said it would seek to own up to a minimum of 72% equity in the operator through various call options. The acquisition will be paid in cash, backed by a certain funds financing package worth €3 billion ($3.5 billion).
The deal will merge the Betclic and Tipico businesses and shareholders of both companies will maintain shares in the combined entity. Tipico’s founders will also roll over 100% of their shares, into the combined Banijay Gaming group.
To support the acquisition, some of Betclic’s primary financing partners will refinance and underwrite Tipico Group’s existing debt.
The acquisition of Tipico Group will bring Banijay Group’s revenue to €6.4 billion on a pro forma basis, with an adjusted EBITDA of €1.4 billion in 2024.
The deal valued Betclic and Tipico at €4.8 billion and €4.6 billion, respectively. The parties expect to close the acquisition in mid-2026, pending merger control and regulatory approvals.
According to Banijay, the combined group will become the fourth largest European sports betting and gaming player, as well as the leader of sports betting in continental Europe.
The combined group will operate with a strengthened regulated market footprint and a vast retail presence, including over 1250 betting shops.
Banijay Group CEO François Riahi described the deal as “transformative”, highlighting Tipico’s strong standing in the German and Austrian markets as a particularly attractive proposition for the company’s own goals of expanding and creating 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,” Riahi said.
Banijay Tipico deal includes Admiral Austria business
The deal will include Tipico’s Admiral business which was acquired from Novomatic in January. Admiral produces betting and gaming terminals in Austria and operates a suite of retail betting shops.
But Betclic will divest its 53.9% stake in the German iGaming and sports betting company Bet-at-home.
Bet-at-home recently announced it was experiencing struggles with regulation in Germany, leading to essentially flat revenue for H1.
The reformed Banijay Gaming will operate only in locally regulated markets, with the three combined brands currently operating in Germany, Austria, France, Portugal, Poland and the Ivory Coast.
Personnel changes
As of 1 January 2026, Betclic CEO Nicolas Béraud will become chairman of Banijay Gaming’s board, with Lov Group Invest continuing to serve as president.
COO Julien Brun will assume Béraud’s current role as Betclic CEO.
Once the transaction is concluded, former Tipico CEO Joachim Baca will become vice-chairman of the Banijay Gaming board, while current Tipico CEO Axel Hefer will continue in his current position.
Analysts confident deal will pay off
In the wake of Banijay Group’s announcement, Regulus Partners voiced its confidence in the deal’s revenue possibilities, noting these will likely outweigh the costs.
According to a Regulus note, both Tipico and Betclic have proven they can add value even in challenging regulatory environments through “operational excellence”.
Additionally Regulus views both Tipico and Betclic as “local hero specialists”, although the note warned the deal’s long-term value creation could be reliant on Banijay’s ability to replicate its “local hero” model in additional markets.
The note also suggested value creation could hinge on achieving tax and regulatory liberalisation in key existing markets like Germany and France. The black market is likely to be Banijay’s biggest competitor in these core regions.
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