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

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

The Leeds-based operation, that 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 bet9ja's welcome offer is finished next year and will maintain a 20% stake.

Betting and gaming was not considered part of Sky's core business, a representative stated.
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The sale would enable it to concentrate on the "considerable development chances" in pay-tv in the five European markets it operated in, Sky stated.
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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, and Italy.

Jeremy Darroch, president of Sky, said the sale realised "significant worth" for shareholders.

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

Analysts at Citi stated Sky could utilize a few of the earnings 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 effective possession" and stated earnings must help the company 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 wagering and video gaming sector with stakes in companies such as William Hill and IG Group, attempted to buy Betfair in 2015 in a ₤ 1bn deal. However, the two companies stopped working to settle on price.

The private equity group controls the Formula One motor racing business.

Sky Bet will remain in Leeds with all personnel moving to the new entity.

Business created net revenues of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.

Sky has actually struck a long-term brand name licence contract with Sky Bet.
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BSkyB revenues double on broad need

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BSkyB quotes to combine Sky Europe
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12 May 2014

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