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Satellite broadcaster Sky has offered a bulk stake in Sky Bet, valuing the yohaig code betting operation at ₤ 800m.
The operation, that includes sites 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 retain a 20% stake.
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Betting and video gaming was not regarded as part of Sky's core organization, a spokesperson said.
The sale would permit it to focus on the "substantial development chances" in pay-tv in the five 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 client base to 20 million across Britain, Ireland, Germany, Austria and Italy.
Jeremy Darroch, president of Sky, said the sale understood "substantial worth" for investors.
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Shares in Sky rose 1.2% to 938p in London, valuing the business at just over ₤ 16bn. The stock has increased by nearly 20% in the yohaig code previous 12 months.
'Successful property'
Analysts at Citi stated Sky could utilize a few of the profits to buy out the remaining minority shareholders in Germany, including: "We think a sale of Sky Bet is a reasonable strategic move."
Investec explained Sky Bet is a "non-core however extremely successful possession" and stated profits should help the business 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 business such as William Hill and IG Group, shopped Betfair in 2015 in a ₤ 1bn bet9ja's welcome offer. However, the two companies stopped working to settle on price.
The private equity group controls the Formula One motor racing company.
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Sky Bet will stay in Leeds with all staff transferring to the brand-new entity.
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The company produced net profits of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.
Sky has actually struck a long-lasting brand name licence arrangement with Sky Bet.
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