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

the yohaig code 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 finished next year and will retain a 20% stake.
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and gaming was not considered as part of Sky's core service, a spokesperson said.

The sale would permit it to concentrate on the "significant growth opportunities" in pay television in the five European markets it operated in, Sky said.
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The business just recently finished the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its customer base to 20 million throughout Britain, Ireland, Germany, Austria and Italy.
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Jeremy Darroch, primary executive of Sky, stated the sale realised "significant worth" for shareholders.

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

'Successful asset'
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Analysts at Citi stated Sky could utilize a few of the earnings to buy out the staying minority investors in Germany, including: "We believe a sale of Sky Bet is a sensible strategic move."

Investec described Sky Bet is a "non-core but highly successful possession" and stated proceeds should assist the business pay down financial obligation, which was expected to be ₤ 6.3 bn for the 2015 fiscal year.

CVC, which has actually had an interest in the wagering and gaming sector with stakes in business such as William Hill and IG Group, shopped Betfair in 2015 in a ₤ 1bn deal. However, the 2 business stopped working to settle on cost.
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The personal equity group controls the Formula One motor racing business.
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Sky Bet will remain in Leeds with all personnel moving to the new entity.
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Business generated net incomes of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.
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Sky has actually struck a long-lasting brand licence arrangement with Sky Bet.

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