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Satellite broadcaster Sky has actually sold a majority stake in Sky Bet, valuing the gaming operation at ₤ 800m.

The Leeds-based operation, which consists of websites such as Sky Vegas and Sky Bingo, is being bought by personal 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 gaming was not considered part of Sky's core organization, a spokesperson stated.

The sale would allow it to concentrate on the yohaig code "substantial growth chances" in pay television in the 5 European markets it ran in, Sky stated.

The business recently finished the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its consumer base to 20 million throughout Britain, Ireland, Germany, Austria and Italy.

Jeremy Darroch, president of Sky, said the sale understood "substantial value" for investors.

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

'Successful possession'

Analysts at Citi said Sky might utilize some of the earnings to purchase out the staying minority investors in Germany, adding: "We think a sale of Sky Bet is a practical strategic move."

Investec described Sky Bet is a "non-core however extremely successful possession" and said proceeds should assist the company pay down debt, which was expected to be ₤ 6.3 bn for the 2015 financial year.

CVC, which has actually had an interest in the betting and gaming sector with stakes in companies such as William Hill and IG Group, shopped Betfair last year in a ₤ 1bn offer. However, the 2 business failed to agree on rate.

The private equity group controls the Formula One motor racing service.

Sky Bet will stay in Leeds with all personnel relocating to the new entity.

Business produced net revenues of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.

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

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