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30 October 2025
Banijay Group, the entertainment powerhouse, has signed a binding agreement with CVC and Tipico’s founders to combine Betclic and Tipico groups under Banijay Gaming. Banijay Group will become the majority shareholder of the combined entity, 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. The Enterprise values agreed by the parties for Betclic and Tipico groups amount to €4.8bn and €4.6bn respectively.
Tipico’s founders will roll over 100% of their shares, while CVC will roll over its remaining stake into Banijay Gaming. The founders of both Betclic and Tipico will remain long-term shareholders alongside Banijay Group. Completion of the transaction is expected in mid-2026, following satisfaction of customary conditions precedent, in particular merger control and gambling regulatory approvals.
Hengeler Mueller advised Banijay Group together with Darrois Villey Maillot Brochier, Hambach & Hambach and Rapani.
Hengeler Mueller team for Banijay Group
Regulatory: Susanne Koch (counsel, lead), Dirk Uwer (partner, both Düsseldorf),
Corporate/M&A: Ingo Berner (Berlin, lead), Oda Christiane Goetzke (Düsseldorf, both partner), Hermann Dahlitz (senior associate, Berlin), Emre Aksoy, Elmar Willemsen (both Berlin), Tim Jaeger (Düsseldorf, all associate),
Antitrust: Sebastian Dworschak (partner), Anja Balitzki (counsel, both Düsseldorf), Viola Pless (associate, Munich),
Tax: Gunther Wagner (partner, Munich), Jan Adami (senior associate, Frankfurt),
Banking regulatory: Christian Schmies (partner), Jan Letto Steffen (counsel, both Frankfurt).
