Satellite broadcaster Sky has actually sold a bulk stake in Sky Bet, valuing the gambling operation at ₤ 800m.
The Leeds-based operation, which includes websites such as Sky Vegas and Sky Bingo, is being purchased by private 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 as part of Sky's core company, a spokesperson stated.
The sale would enable it to focus on the "substantial development chances" in pay-tv in the 5 European markets it ran in, Sky stated.
The business recently completed 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.
Jeremy Darroch, chief executive of Sky, said the sale understood "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 increased by almost 20% in the past 12 months.
'Successful property'
Analysts at Citi stated Sky might utilize some of the yohaig code proceeds to purchase out the staying minority shareholders in Germany, adding: "We think a sale of Sky Bet is a sensible tactical relocation."
Investec described Sky Bet is a "non-core however extremely successful possession" and said earnings need to assist the yohaig code company pay down financial obligation, which was anticipated to be ₤ 6.3 bn for the 2015 fiscal 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 last year in a ₤ 1bn bet9ja's welcome offer. However, the 2 companies failed to settle on rate.
The personal equity group controls the Formula One motor racing company.
Sky Bet will stay in Leeds with all staff transferring to the new entity.
The organization created net incomes of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.
Sky has struck a long-lasting brand licence agreement with Sky Bet.
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