Satellite broadcaster Sky has offered a majority stake in Sky Bet, valuing the betting operation at ₤ 800m.
The Leeds-based operation, which consists of 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 bet9ja's welcome offer is completed next year and will maintain a 20% stake.
bet9ja.com
Betting and video gaming was not considered part of Sky's core business, a representative stated.
bet9ja.com
The sale would allow it to concentrate on the "significant development opportunities" in pay television in the five European markets it ran in, Sky said.
The recently finished 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.
Jeremy Darroch, primary executive of Sky, stated the sale realised "substantial worth" for investors.
bit.ly
Shares in Sky rose 1.2% to 938p in London, valuing the company at simply over ₤ 16bn. The stock has actually increased by almost 20% in the previous 12 months.
'Successful possession'
Analysts at Citi stated Sky could utilize a few of the profits to purchase out the staying minority investors in Germany, including: "We believe a sale of Sky Bet is a reasonable tactical move."
bet9ja.com
Investec explained Sky Bet is a "non-core but highly effective property" and stated profits need to help the yohaig code company pay down debt, which was anticipated to be ₤ 6.3 bn for the 2015 monetary year.
bet9ja.com
CVC, which has had an interest in the wagering and gaming sector with stakes in companies such as William Hill and IG Group, tried to buy Betfair last year in a ₤ 1bn bet9ja's welcome offer. However, the two companies failed to settle on cost.
The personal equity group controls the Formula One motor racing organization.
bit.ly
Sky Bet will stay in Leeds with all staff transferring to the new entity.
bet9ja.com
Business created net earnings of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.
Sky has actually struck a long-term brand name licence contract with Sky Bet.
bit.ly
BSkyB revenues double on broad need
bit.ly
16 October 2014
BSkyB quotes to consolidate Sky Europe
12 May 2014
Sky
1
Sky Sells Majority Stake In Sky Bet
lieselottebrac edited this page 2025-10-21 19:41:29 +08:00