Sports betting: Sky sells 80% of Sky Bet shares to CVC Capital Partners for at least €831m

The British broadcasting group Sky plc announced the completion of the sale of a 80% stake in Sky Bet, its online games and sports betting subsidiary, to the investment fund CVC Capital Partners and to members of the management of Sky Bet, on 19/03/2015. Sky will receive £600m (€831m) in cash, based on the valuation of Sky Bet at £800m ($1.1bn), and should receive a further £120m (€166m) if CVC Capital Partners meet certain conditions regarding return on investment.

Sky plc will retain a 20% stake in Sky Bet as well as representation on its board. The sale, which began on 04/12/2014, enables Sky "to focus on the significant opportunity for growth in pay-TV across the five markets in which it now operates (United Kingdom, Ireland, Germany, Austria and Italy)."

• Sky Bet is the title sponsor of the Football League, the professional league that manages the English second, third and fourth divisions.
• The agreement covers the 2013-2018 period (Sky Bet Football League English Football League, the professional league that manages the English 2^nd, 3^rd and 4^th divisions. ).