BIDDING FOR TIPICO HOTS UP
As deadline looms.
Deutsche Telekom has partnered private investment firm Centerbridge to bid for private sports betting group Tipico Co. which insiders speculate may be valued at around Euro 1 Billion, Reuters reports.
News of Tipico seeking potential buyers emerged in September last year with the company tasking J.P. Morgan and Rothschild to sound out alternative options for the business which could include a sale.
According to Reuters, the bid would see Deutsche Telekom take a minority stake in an effort to diversify its traditional business and Centrebridge the majority.
Private equity group CVC and Chinese investment company XIO are thought to interested in bidding for Tipico along with Czech lottery firm Sazka, the deadline of which ends next week.
InfoPowa readers will recall Deutsche Telekom’s acquisition of a majority stake in Austrian Deutsche Sportswetten leading to the launch of its Tipp3.deduring the first quarter of 2015.