Private equity group CVC has agreed a deal to acquire a majority stake in Tipico.

Financial details of the agreement were not disclosed, however, it was confirmed that, subject to the approval of the relevant anti-trust authorities, the transaction should go through the third quarter of this year.

CVC said in a statement confirming the deal that current proprietors of Tipico will continue to serve as shareholders in the group.

CVC added in the statement: “Tipico will be able to benefit from CVC’s extensive industry expertise, most notably from their experience as the majority owner of Sky Bet, a leading operator in the UK’s betting market.

“CVC has also previously had investments in the sports betting provider William Hill and the IG Group, a digital trading and betting platform.”

Confirmation of the agreement comes after it was reported that German telecommunications firm Deutsche Telekom has linked up with buyout group Centrebridge to launch a bid for Tipico.