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

The Leeds-based operation, which consists of sites such as Sky Vegas and Sky Bingo, is being bought by personal equity group CVC Capital Partners., external

Sky will be paid ₤ 600m when the deal is finished next year and will keep a 20% stake.
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Betting and video gaming was not considered as part of Sky's core company, a representative said.

The sale would allow it to focus on the "considerable development chances" in pay-tv in the 5 European markets it operated in, Sky stated.

The business recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its customer base to 20 million across Britain, Ireland, Germany, Austria and Italy.
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Jeremy Darroch, of Sky, stated the sale understood "significant value" for shareholders.
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Shares in Sky rose 1.2% to 938p in London, valuing the business at just over ₤ 16bn. The stock has actually risen by almost 20% in the past 12 months.

'Successful asset'

Analysts at Citi stated Sky might use a few of the profits to buy out the remaining minority investors in Germany, adding: "We think a sale of Sky Bet is a practical tactical move."

Investec described Sky Bet is a "non-core however extremely effective asset" and stated profits should help the business pay for financial obligation, which was expected to be ₤ 6.3 bn for the 2015 monetary 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 offer. However, the yohaig code two business failed to settle on cost.

The personal equity group controls the Formula One motor racing organization.

Sky Bet will stay in Leeds with all personnel relocating to the new entity.

Business created net earnings of ₤ 182m in the year to June 30 and pre-tax earnings of ₤ 50m.
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Sky has struck a long-term brand licence arrangement with Sky Bet.
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BSkyB profits double on broad demand

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BSkyB bids to combine Sky Europe
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12 May 2014

Sky