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Banijay, Europe’s largest entertainment and media production company, announced this morning it has entered into binding agreements to acquire a majority stake in Tipico from private equity firm CVC Capital Partners and the operator’s founding shareholders.
The transaction will merge Betclic, France’s market leader, with Tipico, Germany’s dominant omnichannel sports betting operator, creating a new gaming division with projected annual revenues exceeding €3 billion and adjusted EBITDA of €850 million based on combined 2024 results.
Strategic Expansion in Regulated Markets
Announcing the merger to the Amsterdam Euronext, Banijay CEO François Riahi framed the acquisition as central to the company’s cross-sector entertainment strategy.
“Tipico fits perfectly with our DNA — a strong leader in two regulated markets, highly profitable and product-focused. This deal provides Banijay with the reach, scale and diversification that already define our content business.”
Riahi described the transaction as a “transformative step” positioning Banijay as the “natural consolidator across the entertainment and gaming industries.”
Once complete, Banijay Gaming will operate three core brands: Betclic, Tipico, and Admiral Austria. The combined group will serve 6.5 million active customers across six regulated jurisdictions—Germany, France, Portugal, Austria, Poland, and Côte d’Ivoire.
Market-Leading Positions in Key Territories
Betclic generated €1.4 billion in revenues in 2024 across France, Portugal, Poland, and Côte d’Ivoire, built on its digital-first approach and technology infrastructure.
Tipico, Germany’s leading omnichannel sports betting and online gaming operator, recorded €1.3 billion in 2024 revenues. The company expanded into Austria in September 2025 through the acquisition of Admiral, an established omnichannel sports betting and retail gaming brand that delivered €346 million in revenues last year.
Ownership Structure and Governance
Banijay will initially hold 65% of the combined entity and plans to increase its controlling stake to 72% through the acquisition of additional equity from CVC Capital Partners. The founders of both Betclic and Tipico will roll over their holdings and remain long-term shareholders in Banijay Gaming.
CVC will retain a minority position in the merged business.
“Joining forces with Betclic represents the deal we’ve been working towards — refocusing on Europe, expanding in Austria and now building a broader European platform. The partnership gives us the scale and resources to accelerate innovation and set new standards for our customers.”
Axel Hefer, CEO of Tipico, emphasized the deal’s alignment with the company’s European growth strategy.
Leadership and Integration Plans
Under the new governance structure, Betclic founder Nicolas Béraud will assume the role of Chairman of Banijay Gaming from January 2026, with Lov Group Invest continuing as President. Julien Brun will step up to CEO of Betclic, while Axel Hefer remains CEO of Tipico. Joachim Baca joins as Vice-Chairman of the Banijay Gaming board.
The transaction is backed by a €3 billion financing package that will refinance Tipico’s existing debt obligations. Banijay’s group leverage ratio will rise to 3.5x, with management targeting a reduction below 2.5x within three years.
Banijay projects the merger will generate €100 million in annual synergies through product innovation, platform efficiencies, and consolidated procurement operations.
Commitment to Responsible Gaming
The leadership team has committed that Banijay Gaming will operate exclusively in locally regulated markets while maintaining player protection standards, integrity protocols, and responsible gaming practices.
Nicolas Béraud, founder of Betclic and incoming Chairman of Banijay Gaming, said:
“This is a landmark moment for Betclic and for Banijay Gaming. Together with Tipico and Admiral, we are building a new European leader that combines scale with innovation and a strong commitment to sustainable, regulated entertainment. Betclic and Tipico share the same values — passion for sport, innovation and focus on markets where we can win. United under Banijay, we will deliver unmatched experiences for players while creating lasting value for our teams and partners across Europe.”
The new leadership team is considering options for a public listing or partial spin-off of the enlarged gaming division within two to three years.
Regulatory Scrutiny and Market Conditions
Banijay confirmed it will publish a prospectus outlining its long-term strategy to develop what it calls a “European Champion in gaming with strong localised roots.”
Industry analysts are expected to examine the merger’s growth prospects closely, particularly given the high tax environments in Germany and France, where effective gross gaming revenue rates now exceed 50% as of 2025.
The transaction remains subject to standard closing conditions, including merger control and gambling regulatory approvals from the European Commission (DG COMP), Germany’s Bundeskartellamt, Austria’s Bundeswettbewerbsbehörde, and France’s Autorité de la Concurrence. The combined group’s significant market presence across regulated EU markets will require careful antitrust review.
The deal is expected to close by mid-2026.
Source: Banijay / Tipico Group
