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

The Leeds-based operation, that includes sites 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 keep a 20% stake.

Betting and video gaming was not concerned as part of Sky's core organization, a representative stated.

The sale would permit it to focus on the yohaig code "considerable growth opportunities" in pay-tv in the 5 European markets it operated in, Sky said.
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The company 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.
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Jeremy Darroch, president of Sky, stated the sale understood "considerable worth" for investors.

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

'Successful possession'

Analysts at Citi said Sky might use a few of the profits to purchase out the staying minority investors in Germany, adding: "We think a sale of Sky Bet is a sensible strategic relocation."
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Investec described Sky Bet is a "non-core however extremely successful asset" and stated proceeds need to assist the business pay down debt, which was expected to be ₤ 6.3 bn for the 2015 monetary year.
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CVC, which has had an interest in the betting and video gaming sector with stakes in companies such as William Hill and IG Group, shopped Betfair in 2015 in a ₤ 1bn deal. However, the two companies failed to settle on cost.

the yohaig code personal equity group controls the Formula One motor racing service.
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Sky Bet will remain in Leeds with all personnel moving to the new entity.
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The business generated net profits of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.

Sky has actually struck a long-lasting brand licence agreement with Sky Bet.
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