Satellite broadcaster Sky has sold a majority stake in Sky Bet, valuing the gaming operation at ₤ 800m.
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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
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Sky will be paid ₤ 600m when the yohaig code deal is finished next year and will maintain a 20% stake.
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Betting and video gaming was not considered part of Sky's core business, a spokesperson stated.
The sale would allow it to concentrate on the "considerable development chances" in pay-tv in the five European markets it operated in, Sky said.
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.
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Jeremy Darroch, president of Sky, said the sale realised "considerable value" for investors.
Shares in Sky rose 1.2% to 938p in London, valuing the business at simply over ₤ 16bn. The stock has actually risen by nearly 20% in the yohaig code previous 12 months.
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'Successful property'
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Analysts at Citi stated Sky might use a few of the profits to buy out the yohaig code staying minority investors in Germany, adding: "We think a sale of Sky Bet is a practical tactical relocation."
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Investec described Sky Bet is a "non-core however highly effective asset" and said earnings should assist the business pay for financial obligation, which was anticipated to be ₤ 6.3 bn for the 2015 financial year.
CVC, which has actually had an interest in the betting and gaming sector with stakes in companies such as William Hill and IG Group, shopped Betfair last year in a ₤ 1bn offer. However, the 2 companies failed to settle on rate.
The personal equity group controls the Formula One motor racing business.
Sky Bet will stay in Leeds with all personnel relocating to the brand-new entity.
Business produced net profits of ₤ 182m in the year to June 30 and of ₤ 50m.
Sky has struck a long-lasting brand licence arrangement with Sky Bet.
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Sky Sells Majority Stake In Sky Bet
qtttaren51369 edited this page 2025-10-19 05:24:14 +02:00