Satellite broadcaster Sky has actually offered a majority stake in Sky Bet, valuing the yohaig code gambling operation at ₤ 800m.
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The Leeds-based operation, that includes sites such as Sky Vegas and Sky Bingo, is being bought by personal equity group CVC Capital Partners., external
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Sky will be paid ₤ 600m when the yohaig code deal is completed next year and will maintain a 20% stake.

Betting and video gaming was not considered part of Sky's core company, a said.
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The sale would enable it to focus on the "substantial growth opportunities" in pay-tv in the five European markets it operated in, Sky said.

The business just recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its customer base to 20 million throughout Britain, Ireland, Germany, Austria and Italy.
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Jeremy Darroch, president of Sky, stated the sale understood "substantial value" for shareholders.

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

'Successful asset'

Analysts at Citi stated Sky might utilize some of the profits to purchase out the staying minority investors in Germany, including: "We believe a sale of Sky Bet is a sensible strategic relocation."

Investec explained Sky Bet is a "non-core but highly effective asset" and said profits should help the business pay for debt, which was expected to be ₤ 6.3 bn for the 2015 financial year.

CVC, which has had an interest in the wagering and video gaming sector with stakes in business such as William Hill and IG Group, tried to purchase Betfair in 2015 in a ₤ 1bn deal. However, the yohaig code two business stopped working to agree on cost.

The personal equity group manages the Formula One motor racing business.

Sky Bet will remain in Leeds with all staff moving to the new entity.
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The service produced net revenues of ₤ 182m in the year to June 30 and pre-tax earnings of ₤ 50m.
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Sky has struck a long-term brand name licence contract with Sky Bet.

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