UK pay-television broadcaster Sky has completed the sale of an 80% stake in its Sky Betting and Gaming (Sky Bet) online gambling brand to private equity group CVC Capital Partners.
The deal, which was first announced in December last year, values Sky Bet at £800 million (€1.1 billion/$1.2 billion).
Under the agreement, Sky will receive £600 million in cash and a vendor loan note, and will be entitled to further payments that are contingent on CVC achieving certain minimum return criteria on its investment in the brand.
Sky will retain a 20% equity stake in the business and ongoing representation on the Sky Bet board.
In a statement, Sky said: “The sale crystallises value for Sky that has been created in Sky Bet, and enables the enlarged Sky to focus on the significant opportunity for growth in pay-TV across the five markets in which it now operates.”
source : www.igamingbusiness.com
