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Satellite broadcaster Sky has sold a majority stake in Sky Bet, valuing the betting operation at ₤ 800m.
The Leeds-based operation, which includes sites such as Sky Vegas and Sky Bingo, is being purchased by private equity group CVC Capital Partners., external
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Sky will be paid ₤ 600m when the deal is completed next year and will keep a 20% stake.
Betting and gaming was not considered part of Sky's core organization, a representative said.
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the yohaig code sale would enable it to focus on the "considerable development chances" in pay-tv in the 5 European markets it ran in, Sky said.
The company recently finished the yohaig code 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, president of Sky, said the sale understood "significant worth" for shareholders.
Shares in Sky rose 1.2% to 938p in London, valuing the business at just over ₤ 16bn. The stock has actually increased by almost 20% in the previous 12 months.
'Successful possession'
Analysts at Citi stated Sky could use some of the profits to buy out the staying minority investors in Germany, including: "We think a sale of Sky Bet is a practical strategic move."
Investec described Sky Bet is a "non-core however extremely successful possession" and said profits ought to assist the company pay down debt, which was expected to be ₤ 6.3 bn for the 2015 fiscal year.
CVC, which has had an interest in the wagering and gaming sector with stakes in business such as William Hill and IG Group, attempted to buy Betfair last year in a ₤ 1bn deal. However, the two stopped working to settle on price.
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The personal equity group manages the Formula One motor racing service.
Sky Bet will remain in Leeds with all staff relocating to the new entity.
The service produced net profits of ₤ 182m in the year to June 30 and pre-tax earnings of ₤ 50m.
Sky has struck a long-lasting brand name licence arrangement with Sky Bet.
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Sky Sells Majority Stake In Sky Bet
marcelabrier06 edited this page 2025-10-22 08:30:26 +08:00