Banijay Group to merge Tipico and Betclic in $3.5B deal to create major European gaming operator

Banijay Group announced Tuesday that it has agreed to acquire a 65% stake in Tipico Group from private equity firm CVC. It will then merge the German sports betting operator with its existing Betclic business, aiming to form one of Europe’s largest regulated online gaming companies.

The transaction, to be paid in cash through a €3 billion ($3.50 billion) financing package, values Betclic at €4.8 billion and Tipico at €4.6 billion. Subject to regulatory and other approvals, the deal is expected to close in mid-2026. Banijay said it intends to lift its ownership in Tipico to at least 72% through call options following the first step of the acquisition.

The merger will double the size of Banijay’s gaming division, creating an entity with combined revenues of €6.4 billion ($7.46 billion) and adjusted EBITDA of €1.4 billion on a pro forma 2024 basis, according to figures released by the company. Banijay said the combined group will become the fourth-largest European sports betting and gaming operator and the leader in continental Europe. It is targeting roughly €100 million in annual synergies in the medium term.

François Riahi, CEO of Banijay Group, said the deal represented a major milestone in the company’s strategic push into regulated gaming markets. “We are delighted to announce this transformative deal for Banijay Group… Tipico fits perfectly well in [our] strategy and is in line with our DNA: strong leader in two important markets, fully regulated, product focused, highly profitable,” he said.

Tipico is the market leader in Germany and Austria, with more than 1,250 betting shops across both countries, including its Admiral Austria retail and terminals business. Betclic holds strong market positions in France, Portugal, Poland, and Côte d’Ivoire. Combined, the two operators count 6.5 million unique active players a year. As part of the deal, Betclic will divest its 53.9% stake in Bet-at-home.

Riahi said the involvement of Tipico’s founding shareholders was an important signal of confidence in the merged 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,” he said.

The company said the combined group will operate only in locally regulated markets, reflecting increasing compliance requirements for operators across Europe. Financing partners backing Betclic will refinance and underwrite Tipico’s existing debt, with group leverage expected to be around 3.5 times following the transaction and below 2.5 times within three years.

Leadership changes will take effect on Jan. 1, 2026, once integration is underway. Nicolas Béraud, founder of Betclic, will become chairman of the Banijay Gaming Board, while investment company Lov Group Invest will continue as president. Julien Brun will take over as CEO of Betclic, Joachim Baca will become vice-chairman of Banijay Gaming, and Axel Hefer will stay on as CEO of Tipico.

Béraud said the merger marked a new phase for the company he founded. “It is an exciting landmark moment for Betclic and Banijay Gaming,” he said. “Together, we will be stronger, with the scale, talent, and innovation needed to deliver unmatched experience for our players.”

Hefer said the combination would accelerate Tipico’s evolution. “Joining forces with Betclic represents a pivotal milestone in Tipico’s growth journey,” he said. “This partnership provides the scale and resources to accelerate product innovation, make bold investments in technology and set new standards for our customers.”

CVC partner Daniel Pindur, whose firm is selling its majority stake in Tipico, said: “The combination with Betclic is the natural next step in this growth story, uniting two market leaders with complementary strengths to create a European champion.”

Lov Group’s founder, Stéphane Courbit, called the decision “a strong move that reflects our ambition and long-term vision.”