Sky nets £600 million in sale of Sky Bet to CVC Capital

skybet

Sky Media (Sky) former owners of Sky Betting and Gaming (Sky Bet) has revealed that it earnt £620 (€885 million) from the sale of the online sports betting and igaming operator to private equity investor CVC Capital (first announced December 2014).

The deal which was finalised on 19 March 2015, saw Sky sell an 80% controlling stake in Sky Bet operations for a deal value of £800 million (€1.1 billion). Upon completion of the deal Sky would receive £600 million in cash.

Sky’s year end results have further detailed that its former betting division recorded £45 million profits before tax. The closure of Sky Bet acquisition by CVC Capital would net the UK broadcaster £620 million

The media group maintains a 20% equity stake in the operator, which has kept the Sky Bet brand and fixed media services and assets under a long term licensing agreement.

The remaining £200 million of the acquisition value, will be paid to Sky in contingent performance related payments

Under new ownership, Sky Bet management have outlined potential new market entry into Italy and Germany. At present Sky Bet is gearing up for a new English football season having extended its Sponsorship of the English Football League in May of this year. 

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