Satellite broadcaster Sky has sold a bulk stake in Sky Bet, valuing the betting operation at ₤ 800m.
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The Leeds-based operation, which consists of websites such as Sky Vegas and Sky Bingo, is being bought by private equity group CVC Capital Partners., external
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Sky will be paid ₤ 600m when the bet9ja's welcome offer is finished next year and will maintain a 20% stake.
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Betting and gaming was not considered as part of Sky's core business, a representative said.

The sale would enable it to concentrate on the yohaig code "significant development chances" in pay television in the 5 European markets it operated in, Sky said.

The business recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its client base to 20 million across Britain, Ireland, Germany, Austria and Italy.
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Jeremy Darroch, president of Sky, said the sale realised "significant value" for shareholders.
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Shares in Sky increased 1.2% to 938p in London, valuing the yohaig code business at simply over ₤ 16bn. The stock has actually increased by almost 20% in the past 12 months.
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'Successful property'

Analysts at Citi said Sky might use a few of the profits to buy out the staying minority shareholders in Germany, including: "We believe a sale of Sky Bet is a sensible strategic move."

Investec described Sky Bet is a "non-core however extremely successful possession" and said proceeds ought to assist the business pay down financial obligation, which was to be ₤ 6.3 bn for the yohaig code 2015 fiscal year.

CVC, which has had an interest in the wagering and video gaming sector with stakes in companies such as William Hill and IG Group, tried to purchase Betfair last year in a ₤ 1bn offer. However, the yohaig code two companies stopped working to agree on rate.
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The personal equity group controls the Formula One motor racing service.

Sky Bet will stay in Leeds with all personnel relocating to the new entity.

The company created net earnings of ₤ 182m in the year to June 30 and pre-tax earnings of ₤ 50m.
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Sky has struck a long-term brand name licence contract with Sky Bet.

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