Banijay Group has made what it is describing as the “largest acquisition in its history” by spending €3B ($3.5B) on a majority stake in betting behemoth Tipico Group.

The European powerhouse has bought Tipico from CVC and will combine the company with its own betting outfit, Betclic, to open a Banijay Gaming division. Headquartered in Malta and with branches around Europe, Tipico has around 1,800 staff, which will contribute to creating the fourth largest sports betting and gaming operator in Europe once the deal is complete, according to Banijay.

Banijay explained that the transaction will be fully backed by a certain funds financing package for a principal amount equal to approximately €3B, which includes the refinancing of Tipico Group’s existing debt, underwritten by some of Betcl

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