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Satellite broadcaster Sky has sold a bulk stake in Sky Bet, valuing the gambling operation at ₤ 800m.
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The Leeds-based operation, that includes websites such as Sky Vegas and Sky Bingo, is being purchased by private equity group CVC Capital Partners., external
Sky will be paid ₤ 600m when the bet9ja's welcome offer is completed next year and will keep a 20% stake.
Betting and video gaming was not related to as part of Sky's core organization, a representative said.
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The sale would enable it to focus on the "substantial growth opportunities" in pay-tv in the 5 European markets it ran in, Sky stated.
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The business recently finished the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its client base to 20 million throughout Britain, Ireland, Germany, Austria and Italy.
Jeremy Darroch, primary executive of Sky, stated the sale understood "considerable value" for .
Shares in Sky rose 1.2% to 938p in London, valuing the business at simply over ₤ 16bn. The stock has risen by almost 20% in the past 12 months.
'Successful possession'
Analysts at Citi stated Sky might use a few of the proceeds to buy out the staying minority shareholders in Germany, including: "We believe a sale of Sky Bet is a sensible strategic relocation."
Investec described Sky Bet is a "non-core but extremely effective property" and stated earnings must help the business 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, tried to purchase Betfair last year in a ₤ 1bn deal. However, the two business failed to concur on cost.
The private equity group manages the Formula One motor racing service.
Sky Bet will remain in Leeds with all staff moving to the brand-new entity.
Business created net earnings of ₤ 182m in the year to June 30 and pre-tax earnings of ₤ 50m.
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Sky has actually struck a long-term brand licence agreement with Sky Bet.
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Sky Sells Majority Stake In Sky Bet
tristantravers edited this page 2025-10-20 19:01:39 +08:00