Satellite broadcaster Sky has actually sold a bulk stake in Sky Bet, valuing the gambling operation at ₤ 800m.

The Leeds-based operation, which consists of websites such as Sky Vegas and Sky Bingo, is being purchased by private equity group CVC Capital Partners., external
bet9ja.com
Sky will be paid ₤ 600m when the bet9ja's welcome offer is completed next year and will maintain a 20% stake.

Betting and gaming was not considered part of Sky's core company, a spokesperson stated.

The sale would allow it to concentrate on the "considerable growth opportunities" in pay-tv in the five European markets it ran in, Sky said.

the yohaig code company just recently finished the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its consumer base to 20 million across Britain, Ireland, Germany, Austria and Italy.
bit.ly
Jeremy Darroch, president of Sky, stated the sale realised "substantial value" for shareholders.

Shares in Sky rose 1.2% to 938p in London, valuing the company at simply over ₤ 16bn. The stock has actually increased by almost 20% in the yohaig code past 12 months.

'Successful property'
bet9ja.com
Analysts at Citi said Sky might use a few of the earnings to purchase out the staying minority shareholders in Germany, adding: "We think a sale of Sky Bet is a sensible tactical move."

Investec explained Sky Bet is a "non-core but highly effective possession" and stated proceeds should help the company pay down financial obligation, which was anticipated to be ₤ 6.3 bn for the 2015 fiscal year.

CVC, which has had an interest in the betting and video gaming sector with stakes in companies such as William Hill and IG Group, shopped Betfair in 2015 in a ₤ 1bn deal. However, the two business stopped working to concur on price.

the yohaig code private equity group controls the Formula One motor racing business.

Sky Bet will remain in Leeds with all staff transferring to the new entity.

Business produced net revenues of ₤ 182m in the year to June 30 and pre-tax earnings of ₤ 50m.
bit.ly
Sky has struck a long-term brand licence agreement with Sky Bet.
bet9ja.com
double on broad need
bit.ly
16 October 2014

BSkyB bids to combine Sky Europe
bit.ly
12 May 2014

Sky
bet9ja.com