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

Sky will be paid ₤ 600m when the deal is finished next year and will maintain a 20% stake.
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Betting and video gaming was not regarded as part of Sky's core service, a spokesperson stated.
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The sale would allow it to focus on the "considerable growth chances" in pay tv in the five European markets it operated in, Sky stated.
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The company just 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.
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Jeremy Darroch, president of Sky, said the sale realised "substantial worth" for shareholders.

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

'Successful asset'
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Analysts at Citi stated Sky might utilize some of the profits to buy out the yohaig code remaining minority shareholders in Germany, adding: "We believe a sale of Sky Bet is a sensible strategic move."

Investec described Sky Bet is a "non-core however highly successful property" and said proceeds ought to help the yohaig code business pay for financial obligation, which was anticipated to be ₤ 6.3 bn for the 2015 monetary year.

CVC, which has actually had an interest in the betting and gaming sector with stakes in business such as William Hill and IG Group, shopped Betfair last year in a ₤ 1bn deal. However, the two business failed to concur on cost.

The private equity group controls the Formula One motor racing business.

Sky Bet will stay in Leeds with all personnel moving to the yohaig code brand-new entity.

The organization produced net 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 name licence arrangement with Sky Bet.

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