French Betclic-owner Banijay Group to take majority stake in Tipico in €4.6bn deal
Banijay Group, the French entertainment giant behind shows such as Koh-Lanta, is expanding far beyond television. The company announced on Tuesday that it has signed a binding agreement to acquire a majority stake in Tipico Group, the leading sports betting and gaming operator in Germany and Austria based in Malta. The deal will see Tipico join forces with Betclic under Banijay’s gaming division, in what executives call a “transformative” move to create a new European powerhouse in the sports betting industry.
Building a European betting champion
Banijay Group said the acquisition will make it the controlling shareholder of a new combined entity bringing together Betclic, Tipico and Admiral Austria. According to the company’s statement, “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.”
Under the terms of the agreement, Banijay will buy CVC Capital Partners’ majority stake in Tipico for cash, while all other shareholders, including Tipico’s and Betclic’s founders, will roll over their holdings into the new structure. Banijay said it will hold around 65% of the capital at closing, with an ambition to raise its ownership to 72% through call options.
The company said the deal will significantly strengthen its gaming division, doubling revenue and free cash flow. “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,” the group said.
The combined business will serve nearly 6.5 million active players a year and operate more than 1,250 betting shops across Germany and Austria, employing over 5,000 people.
According to Le Monde, which reported on the transaction, the operation “allows Banijay Group to double in size in this fast-growing business” and represents “the largest acquisition ever made by the group.” The French daily noted that the move values Tipico at €4.6 billion and Betclic at €4.8 billion, adding that Banijay’s market capitalisation stood at €4.2 billion before the deal was announced.
A push for scale in a consolidating market
The European betting sector has seen a wave of mergers as companies seek the scale needed to absorb rising technology and marketing costs. As Le Monde observed, the Banijay–Tipico deal “aims to create the fourth-largest European player in sports betting and online gaming, behind Flutter Entertainment, Entain and Lottomatica.”
For Banijay, best known for its entertainment production business, the acquisition marks another step in diversifying its revenue base. The group said that its gaming and entertainment divisions would contribute almost equally to revenue, at 47% and 53% respectively.
François Riahi, Banijay Group’s chief executive, called the acquisition “a transformative deal.” He said: “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.”
He added that he was “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,” which he described as “a testimony to their trust in the future value creation.”
The founder of Betclic, Nicolas Béraud, who will become chairman of Banijay Gaming from January 2026, said the combination would “leverage three strong brands: Betclic, Tipico, Admiral.” He added: “Betclic and Tipico share the same set of values: the passion for sport, the sense of innovation and the focus on the markets where they can win. Together, we will be stronger, with the scale, talent, and innovation needed to deliver unmatched experience for our players.”
Financing and leadership changes
The transaction, expected to close in mid-2026, will be financed by approximately €3 billion in debt, including the refinancing of Tipico’s existing loans. Banijay said the financing is “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.”
The company expects its leverage to stand at 3.5 times earnings immediately after the transaction, with a goal to reduce that ratio below 2.5 within three years.
Strategic fit and long-term ambitions
The merged group will combine Betclic’s digital expertise in France, Portugal, Poland and Côte d’Ivoire with Tipico’s retail presence in Germany and Austria. Banijay said the integration would “enable a seamless and differentiated customer experience” across online and offline channels.
According to Banijay, the transaction will generate around €100 million in annual synergies over the medium term, focusing on “accelerated product innovation, scaling innovation across markets, and optimised infrastructure and tech efficiency.”
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