Banijay Agrees to Buy CVC’s Tipico to Bolster Sports Betting (1)

Banijay Group NVagreed to buy German sports-betting business Tipico in a deal that aims to create a new European gambling powerhouse valued at about $11 billion.

Banijay will buy CVC Capital Partners Plc’s majority stake in the company in an all-cash deal that values Tipico at €4.6 billion ($5.4 billion) including debt, it said in a statement Tuesday, confirming an earlier Bloomberg News report.

The plan is to merge the German business with Banijay’s Betclic sports-betting unit, which is valued at €4.8 billion in the combination. Banijay will be the controlling shareholder of the new company with ...