Sky sells controlling stake in gambling division in deal worth £800m

A total of £800m is believed to be the amount spent by CVC Capital Partners in purchasing the Sky Bet business a firm that was owned by Sky. The deal also includes the Oddschecker an Odds comparison business. Stipulated in the deal, Online Betting Sky was awarded with 20% possession of the shares as well as having a member in the business board. It will also get £600m cash when the two firms comes into terms with extra £120m to be paid but this will depend on the recital of Sky Bet in the market.

Sky and CVC depended on advises from Goldman Sachs and OC&C Strategy Consultants respectively. The firm claimed that the selling of Sky Bet was to meant for the creation of a room for thee operations to be carried out by the newly developed pan-European pay-TV. The Sky Company is also expected to retain its identity as Sky once the finalization of the agreement license is complete. The chief executive of Sky, Jeremy Darroch claimed that the 80% sale of Sky Bet will open doors and Online Betting give them ample time get involved critically to their considerable expansion chances in their core-international pay-TV business.