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 Online Betting thee operations to be carried out by the newly developed pan-European pay-TV.