CVC tipped in Betfair takeover
PRIVATE equity group CVC Capital Partners, owner of Formula One, is being tipped to launch a £750million takeover of betting outfit Betfair.
It is understood that CVC is in the early stages of preparing an offer for the group, which runs an exchange allowing punters to bet against each other rather than the bookmaker and has yet to make an approach or secure finance.
Betfair, which floated on the stockmarket three years ago, could not be reached for comment. CVC said it did not comment on market rumours.
Separately, fitness chain Virgin Active, owned by CVC and Sir Richard Branson’s Virgin group, is believed to be considering a stockmarket listing following the success of other IPO debutants this year including insurer Esure and estate agency Countrywide.
The group, with around 122 clubs in the UK, has long been tipped to go public. Analysts suggest it is keen to propel growth in the Asia-Pacific.