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

The Leeds-based operation, that includes sites such as Sky Vegas and Sky Bingo, is being purchased by personal equity group CVC Capital Partners., external

Sky will be paid ₤ 600m when the deal is finished next year and will maintain a 20% stake.

Betting and gaming was not considered as part of Sky's core company, a spokesperson said.

The sale would enable it to concentrate on the "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 client base to 20 million across Britain, Ireland, Germany, Austria and Italy.

Jeremy Darroch, primary executive of Sky, stated the sale understood "significant worth" for shareholders.

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

'Successful property'

Analysts at Citi said Sky might utilize some of the earnings to purchase out the remaining minority shareholders in Germany, adding: "We believe a sale of Sky Bet is a practical tactical move."

Investec explained Sky Bet is a "non-core however extremely successful asset" and said profits should help the yohaig code business pay down debt, which was expected to be ₤ 6.3 bn for the 2015 fiscal year.

CVC, which has actually had an interest in the betting and video gaming sector with stakes in business such as William Hill and IG Group, shopped Betfair last year in a ₤ 1bn bet9ja's welcome offer. However, the 2 working to settle on price.

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

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

The service produced net incomes of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.

Sky has actually struck a long-term brand name licence contract with Sky Bet.

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