Banijay Group Acquires a Majority Stake in Tipico

Banijay Group reinforces leadership in sports betting and online gaming with the acquisition of a majority stake in Tipico Group

Banijay Gaming to double in revenue and free cash flow with the combination of Betclic and Tipico under one roof

• Banijay Group, the Entertainment powerhouse, has signed a binding agreement with CVC and Tipico’s founders to combine Betclic and Tipico groups, becoming the majority shareholder of the combined entity, and creating a European champion in sports betting and online gaming. Banijay Group will buy the major stake of CVC in Tipico in cash, and all shareholders of Betclic and Tipico, including the respective founders, will become shareholders of the combined entity.
• With the addition of Tipico Group, leader in sports betting and online gaming in Germany and Austria, Banijay Group would bring, on a pro forma basis1, its revenue to €6.4bn and its adjusted EBITDA to €1.4bn in 2024.
• Banijay Group’s gaming activity – Banijay Gaming – which would double in revenue, adjusted EBITDA and free cash-flow and regroup three strong brands: Betclic, Tipico and Admiral – generated €3.0bn in revenues, €854m in Adjusted EBITDA and €716m in Adjusted free cash flow in 2024, on a pro forma basis. Together, they serve almost 6.5m unique active players annually, operate more than 1,250 betting shops in Germany and Austria and employ 5,300 employees.
• Betclic and Tipico are two complementary local champions with leading positions in six highly attractive and fully regulated markets (Germany, France, Portugal, Austria, Poland, and Côte d’Ivoire) thanks to strong tech and product expertise, joining forces to become the fourth largest European sports betting and gaming player and the leader of sports betting in Continental Europe.
• Combining Betclic’s recognized digital expertise with Tipico’s omnichannel offer would broaden the Group’s capabilities across all distribution channels, strengthening its strategic positioning and enabling a seamless and differentiated customer experience.
• Attractive value proposition for stakeholders, with a target of ~€100m annual synergies in the medium term, focused on topline growth and platform efficiencies.
• Through this transaction, Banijay Gaming would bring together two leading operators of similar scale with shared values, backed by highly experienced management teams. In the current deal, the Enterprise values agreed by the parties for Betclic and Tipico groups amount to €4.8bn and €4.6bn respectively.
• Banijay Group will be the controlling shareholder with 65% of the capital at closing, aiming to reach a minimum of 72% in the target structure through call options agreed on the shares held by CVC and the managers of Tipico. The founders of both Betclic and Tipico will remain long-term shareholders in Banijay Gaming alongside Banijay Group, resulting from their full roll-out into Banijay Gaming, reflecting a long-term partnership and full alignment on future value creation.
• As of January 1st 2026, Nicolas Béraud, Betclic CEO, will become Chairman of the Board of Banijay Gaming, while Lov Group Invest will continue as President. Julien Brun, currently COO of Betclic, will succeed Nicolas Béraud as Betclic CEO. After completion of the transaction, Joachim Baca, former CEO of Tipico, will become Vice-Chairman of the Board of Banijay Gaming, while Axel Hefer, CEO of Tipico, will remain in his current role.
• The transaction will be fully backed by a certain funds financing package for a principal amount equal to approximately €3bn, including the refinancing of Tipico Group’s existing debt, underwritten by certain of Betclic’s main financing partners. Banijay Group’s post-transaction leverage is expected at 3.5x, with a reduction below 2.5x within three years after closing, driven by strong cash-flow generation supporting both deleveraging and increasing stake into Banijay Gaming (72% ownership minimum in the target structure). Excluding the exercise of call options, deleveraging is expected to be around 0.5x per year.
• Completion of the transaction is expected in mid-2026, following satisfaction of customary conditions precedent, in particular merger control and gambling regulatory approvals.