Private equity firm CVC Capital Partners agreed to acquire a majority stake in German sports betting company Tipico. The current proprietors will remain shareholders in the company. Financial details of the transaction were not disclosed, although according to industry sources the company is said to have been valued between EUR 1 billion to EUR 1.5 billion, ($1.12 billion to $1.68 billion).

The transaction is subject to approval of relevant anti-trust authorities and is expected to close in the third quarter of 2016.

Founded in 2004, Tipico is a leading provider of sports betting in Germany, with a strong position across other European markets as well. The company operates an innovative, digital multichannel offering with leading online and mobile portals, as well as more than 1,000 betting shops. Tipico Co. Ltd. is regulated and licensed by the Malta Gaming Authority.

As a premium brand, Tipico is able to offer a large range of bets while continuing to uphold the highest standards in customer service and consumer protection. Tipico currently has more than 5,000 employees and operates in five countries.

Tipico will be able to benefit from CVC’s industry expertise, including its previous investments in sports betting provider William Hill and the IG Group, a digital trading and betting platform.

Headquartered in Luxembourg, CVC Capital Partners is one of the world’s leading private equity and investment advisory firms. Founded originally in 1981 as the European arm of Citicorp Venture Capital, the CVC Group today employs some 300 people throughout Europe, Asia and the US.

The firm was spun out from Citicorp in 1993, as an independent private equity firm. The CVC team’s local knowledge and extensive contacts underpin a proven track record of over 30 years of investment success. CVC manages capital on behalf of over 300 institutional, governmental and private investors worldwide, having secured commitments of more than US$71 billion in private equity, credit and growth funds.

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