Tipico Group has signed an agreement to acquire a 100% stake in Atlas Group, the parent of Novomatic’s Admiral Austria business, to bolster its betting and gaming portfolio across German-speaking markets.
Admiral Austria, a betting operator and terminal supplier in Austria, will help extend and strengthen Tipico’s reach in the market it said. The company also provides gaming terminals for the state lottery across the country.
Tipico Group CEO Axel Hefer said Admiral would also help the operator meet its goal of achieving dominance in German-speaking markets.
No financial details of the deal have been released and it is currently subject to regulatory approvals.
Novomatic said the sale of Admiral would enable the gaming technology provider to focus further on international expansion. It has been investing heavily in its US growth of late, installing a new CEO in December.
“For 20 years, Tipico has stood for state-of-the-art technology, innovative products and consumer protection,” Tipico’s Hefer said of the deal.
“We are pleased to have found in the Admiral Group a partner who shares these same values. We look forward to a successful future in the Austrian sports betting and gaming market.”
Stefan Krenn, a member of Novomatic’s executive board, said Tipico is a fitting partner to continue Admiral’s success in Austria.
“We have decided to sell the Admiral Group in Austria in order to focus on international growth markets and drive further global expansion,” Krenn explained.
“In Tipico, we found a highly professional and reliable partner who will continue to operate Admiral in Austria successfully and sustainably.”
