UK: Sky sells 75% of its sports betting subsidiary Sky Bet to CVC Capital Partners for €764m

News Tank Football - Paris - News #29428 - Published on 04/12/14 at 12:59

The British pay-TV group Sky plc has initially sold 75% of its stake in Sky Bet, its sports betting and online gambling operator, to the private equity firm CVC Capital Partners on 04/12/2014. The initial value of the transaction amounted to £600m (€764m), which calculates to a Sky Bet company value of £800m (€1.02bn). Sky will retain 20% stake in Sky Bet at this time, and maintain representation on the board of directors of the company.

"In the last ten years, we have successfully grown Sky Bet from a start-up to one of the leading online betting and gaming companies in the UK. This transaction will allow us to focus further on the substantial growth opportunities in our core international pay TV business while realising significant value for our shareholders," said Jeremy Darroch, CEO of Sky group.

CVC Capital Partners is the majority shareholder of the World Championship Formula 1

  • Sky plc receives £600 million (€764m) immediately and must receive £120m (€152.7m) more in the first quarter of 2015 (under certain conditions), bringing the total transaction amount to £720m…

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