CVC Capital Partners punts German sports betting operator Tipico

Private equity group CVC Capital Partners announced over the weekend that is has acquired a majority stake in German sports betting operator Tipico.

Financial details of the transaction weren’t disclosed, but Tipico’s original estimation valued the company to be worth between €1 billion (US$1.12 billion to $1.68 billion).

CVC Partners already owns a majority stake in UK sports betting company Sky Betting & Gaming, but the Tipico acquisition will be the financial investor’s first deal since it hired Goldman Sachs Group Inc.’s ex-Germany chief Alexander Dibelius last year, The Wall Street Journal reported.

Last October, Tipico owners sought the help of JP Morgan and Rothschild to look find potential buyers of the sports betting firm, such as Amaya Gaming, 888 Holdings and William Hill.