Sky selling off 80% stake in Sky Bet to equity group CVC for £600m

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jasonuk

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"Satellite broadcaster Sky has sold a majority stake in Sky Bet, valuing the gambling operation at £800m [US$1.26bn].

The Leeds-based operation, which includes sites such as Sky Vegas and Sky Bingo, is being bought by private equity group CVC Capital Partners.

Sky will be paid £600m [US$940m] when the deal is completed next year and will retain a 20% stake."

For those not aware, CVC were the ones who tried - and failed - to acquire Betfair for £1bn (US$1.5bn) last year and also hold a major stake in Formula 1.
 
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jasonuk

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I even went to the trouble of searching for it... and couldn't find it. D'oh!
 
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