Private equity group CVC Capital Partners is to acquire a majority stake in German sports betting firm Tipico for an undisclosed sum.
Tipico, the privately held sponsor of German football teams FC Bayern and Hamburg, was made available for sale by its founders in a recent auction.
CVC said in a statement it expected the deal to be completed in the third quarter of 2016.
In late 2014, the equity group acquired a controlling stake in Sky Bet from Sky plc in a deal worth £800m and previously came close to agreeing a deal to acquire Betfair before talks broke down in 2013.
