sky-sells-majority-stake-in-sky-bet

Satellite broadcaster Sky has offered a bulk stake in Sky Bet, valuing the gaming operation at ₤ 800m.

The Leeds-based operation, that includes 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 deal is next year and will keep a 20% stake.

Betting and gaming was not considered as part of Sky's core company, a spokesperson said.
bit.ly
The sale would permit it to focus on the "considerable growth chances" in pay television in the five European markets it ran in, Sky said.
bit.ly
The business 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.
bet9ja.com
Jeremy Darroch, president of Sky, said the sale realised "significant worth" for investors.

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

'Successful asset'
bit.ly
Analysts at Citi said Sky might use a few of the yohaig code earnings to buy out the staying minority shareholders in Germany, including: "We think a sale of Sky Bet is a reasonable tactical move."
bet9ja.com
Investec described Sky Bet is a "non-core however extremely successful possession" and stated proceeds need to assist the yohaig code business pay down financial obligation, which was anticipated to be ₤ 6.3 bn for the 2015 fiscal year.
bit.ly
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 last year in a ₤ 1bn bet9ja's welcome offer. However, the yohaig code 2 business stopped working to settle on cost.

The personal equity group controls the Formula One motor racing organization.

Sky Bet will remain in Leeds with all personnel relocating to the brand-new entity.
bit.ly
The company created net revenues of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.
bet9ja.com
Sky has struck a long-lasting brand name licence agreement with Sky Bet.

BSkyB profits double on broad demand

16 October 2014

BSkyB quotes to combine Sky Europe

12 May 2014

Sky