Buyout group Centerbridge has joined up with Deutsche Telekom to bid for German sports betting firm Tipico.
According to Reuters, Deutsche Telekom aims to take a minority stake in the privately-held Tipico - a sponsor of football clubs like FC Bayern and Hamburg's HSV - as it seeks to expand revenue outside its traditional business.
Centerbridge would buy the majority of Tipico, which is being sold by its founders.
The planned offer may value Tipico at around €1bn, or roughly nine times its expected core earnings, in line with the valuation of listed peers like GVC.
