Sky Bet Sold To Private Equity Firm For $1.25BBritish Satellite-TV Company Sells Controlling Stake |
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British satellite-television operator Sky announced Thursday that is has agreed to sell a majority stake in its online gambling business, Sky Betting and Gaming, to private equity firm CVC Capital Partners, according to reporting from The New York Times.
The deal is for roughly $1.25 billion.
“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,” the press released stated.
Sky will retain an equity stake of approximately 20 percent in Sky Bet, which has headquarters in Leeds, and ongoing board representation, the press release added.
“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,” Jeremy Darroch, Group Chief Executive of Sky, said in a statement.
Sky’s poker offerings are regulated by the Alderney Gambling Control Commission
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