Sky broadcasting (BSkyB) announced the sell of their Sports betting business to Chinese private equity, CVC for up to £800m. Under the selling terms, Sky will receive £600m in cash first and a further £120m at a later stage.
Sky will keep 20% of the equity stake in Sky Bet and retain ongoing board representation.
Rob Lucas, managing partner of CVC said: “The partnership between CVC and Sky will provide a strong platform to support SkyBet’s ongoing success at this exciting point in its development”
The partnership between CVC and Sky will provide a strong platform to support SkyBet’s ongoing success at this exciting point in its development
Sky Bet was formed in 2001 and has quickly become one of the leading online gaming operators in the UK’s with other online betting and gaming giant like William Hill and Lakbrokes. Skybet accepts wagers via the internet, telephone, their mobile software, and through their digital satellite television – Sky. Sky Bet also own and operate Oddschecker.com, a popular and trusted odds comparison software. Key also operated Sky Casino, Sky Vegas and Sky Poker.
CVC Capital Partners is a private equity firm focused on management buyouts. CVC was founded in 1981 and today has a network of eighteen offices throughout Europe, Asia and the United States. Since its foundation, CVC has completed over 250 investments across a wide range of industries and countries.