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Satellite broadcaster Sky has offered a bulk stake in Sky Bet, valuing the betting operation at ₤ 800m.
The Leeds-based operation, that includes websites such as Sky Vegas and Sky Bingo, is being bought 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 retain a 20% stake.
Betting and video gaming was not considered 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 ran in, Sky stated.
the yohaig code business recently completed 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, chief executive of Sky, said the sale understood "substantial worth" for shareholders.
Shares in Sky rose 1.2% to 938p in London, valuing the business at simply over ₤ 16bn. The stock has increased by practically 20% in the yohaig code previous 12 months.
'Successful possession'
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Analysts at Citi stated Sky might use a few of the profits to purchase out the remaining minority investors in Germany, adding: "We believe a sale of Sky Bet is a reasonable tactical relocation."
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Investec explained Sky Bet is a "non-core but extremely effective possession" and said proceeds ought to help the yohaig code business pay for debt, which was to be ₤ 6.3 bn for the 2015 fiscal year.
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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 last year in a ₤ 1bn deal. However, the yohaig code two business stopped working to settle on cost.
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The personal equity group manages the Formula One motor racing company.
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Sky Bet will stay in Leeds with all personnel relocating to the new entity.
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The business produced net revenues of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.
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Sky has struck a long-lasting brand licence arrangement with Sky Bet.
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Sky Sells Majority Stake In Sky Bet
jeanettfairwea edited this page 2025-10-27 09:27:34 +00:00