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Satellite broadcaster Sky has offered a bulk stake in Sky Bet, valuing the gaming operation at ₤ 800m.
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the yohaig code Leeds-based operation, that includes websites such as Sky Vegas and Sky Bingo, is being purchased by personal equity group CVC Capital Partners., external

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

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

The company just recently finished the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its consumer base to 20 million throughout Britain, Ireland, Germany, Austria and Italy.

Jeremy Darroch, primary executive of Sky, stated the sale realised "considerable worth" for investors.

Shares in Sky rose 1.2% to 938p in London, valuing the at just over ₤ 16bn. The stock has risen by almost 20% in the previous 12 months.

'Successful property'

Analysts at Citi said Sky could utilize a few of the earnings to purchase out the remaining minority investors in Germany, including: "We believe a sale of Sky Bet is a practical tactical move."
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Investec described Sky Bet is a "non-core but extremely successful asset" and stated profits should help the company pay for debt, which was anticipated to be ₤ 6.3 bn for the 2015 fiscal 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 deal. However, the two business stopped working to settle on rate.
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The private equity group manages the Formula One motor racing organization.
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Sky Bet will stay in Leeds with all staff moving to the yohaig code new entity.
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Business produced net revenues of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.
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Sky has struck a long-lasting brand licence agreement with Sky Bet.

BSkyB revenues double on broad need

16 October 2014
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BSkyB bids to combine Sky Europe

12 May 2014

Sky