bet9ja.com
Satellite broadcaster Sky has actually offered a bulk stake in Sky Bet, valuing the betting operation at ₤ 800m.

the yohaig code Leeds-based operation, that includes sites such as Sky Vegas and Sky Bingo, is being purchased by private equity group CVC ., external

Sky will be paid ₤ 600m when the deal is finished next year and will maintain a 20% stake.

Betting and gaming was not considered part of Sky's core organization, a representative said.
bit.ly
The sale would allow it to concentrate on the "significant development opportunities" in pay-tv in the 5 European markets it ran in, Sky stated.
bit.ly
the yohaig code business 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.

Jeremy Darroch, chief executive of Sky, said the sale realised "substantial worth" for shareholders.
bit.ly
Shares in Sky increased 1.2% to 938p in London, valuing the business at simply over ₤ 16bn. The stock has actually increased by almost 20% in the past 12 months.

'Successful asset'

Analysts at Citi stated Sky could use some of the proceeds to purchase out the staying minority investors in Germany, including: "We believe a sale of Sky Bet is a practical tactical move."

Investec described Sky Bet is a "non-core however highly successful possession" and said proceeds need to assist the business pay down debt, which was expected to be ₤ 6.3 bn for the 2015 fiscal year.

CVC, which has had an interest in the betting and gaming sector with stakes in business such as William Hill and IG Group, shopped Betfair in 2015 in a ₤ 1bn bet9ja's welcome offer. However, the 2 business stopped working to settle on price.

The personal equity group manages the Formula One motor racing business.

Sky Bet will stay in Leeds with all personnel transferring to the new entity.
bit.ly
Business generated net earnings of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.
bit.ly
Sky has actually struck a long-lasting brand name licence contract with Sky Bet.
bet9ja.com
BSkyB revenues double on broad demand
bet9ja.com
16 October 2014

BSkyB bids to combine Sky Europe

12 May 2014

Sky
bit.ly