Sky Sells Majority Stake In Sky Bet

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Satellite broadcaster Sky has sold a majority stake in Sky Bet, valuing the betting operation at ₤ 800m.
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The Leeds-based operation, which consists of sites such as Sky Vegas and Sky Bingo, is being bought 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.
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Betting and gaming was not related to as part of Sky's core organization, a representative stated.

The sale would enable it to concentrate on the "considerable growth opportunities" in pay-tv in the 5 European markets it operated in, Sky stated.

the yohaig code company recently completed the acquisition of and a 90% stake in Sky Deutschland, bringing its client base to 20 million across Britain, Ireland, Germany, Austria and Italy.

Jeremy Darroch, chief executive of Sky, said the sale realised "significant worth" for investors.
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Shares in Sky rose 1.2% to 938p in London, valuing the company at just over ₤ 16bn. The stock has increased by nearly 20% in the past 12 months.

'Successful property'

Analysts at Citi stated Sky could utilize a few of the proceeds to purchase out the remaining minority investors in Germany, adding: "We believe a sale of Sky Bet is a reasonable strategic relocation."

Investec explained Sky Bet is a "non-core however extremely successful asset" and stated proceeds must assist the company pay for debt, which was anticipated to be ₤ 6.3 bn for the 2015 financial year.
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CVC, which has had an interest in the wagering and gaming sector with stakes in companies such as William Hill and IG Group, shopped Betfair last year in a ₤ 1bn deal. However, the 2 companies stopped working to concur on price.

The private equity group controls the Formula One motor racing service.
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Sky Bet will remain in Leeds with all personnel relocating to the brand-new entity.
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Business created net earnings of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.

Sky has actually struck a long-term brand licence contract with Sky Bet.
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