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08/12/2014
Sky Bet Sold To CVC
Sky is to sell a controlling stake in its online betting and gaming business Sky Betting & Gaming to funds advised by CVC Capital Partners in a deal worth £800m.
Sky will receive cash of £600m on completion and further deferred and contingent consideration up to the value of £120 million. The £800m represents a multiple of about 15x EBITDA for the 12 months ended 30 June 2014.
Sky will retain an equity stake of about 20% in Sky Bet and ongoing board representation.
Jeremy Darroch, Group Chief Executive of Sky, said: "In the last ten years, we have successfully grown Sky Bet from a start-up to one of the leading online betting and gaming companies in the UK. This transaction will allow us to focus further on the substantial growth opportunities in our core international pay TV business while realising significant value for our shareholders."
The transaction is subject to regulatory clearances in the UK and Ireland and is expected to close in the first quarter of 2015.
corporate.sky.com
(IT/JP)
Sky will receive cash of £600m on completion and further deferred and contingent consideration up to the value of £120 million. The £800m represents a multiple of about 15x EBITDA for the 12 months ended 30 June 2014.
Sky will retain an equity stake of about 20% in Sky Bet and ongoing board representation.
Jeremy Darroch, Group Chief Executive of Sky, said: "In the last ten years, we have successfully grown Sky Bet from a start-up to one of the leading online betting and gaming companies in the UK. This transaction will allow us to focus further on the substantial growth opportunities in our core international pay TV business while realising significant value for our shareholders."
The transaction is subject to regulatory clearances in the UK and Ireland and is expected to close in the first quarter of 2015.
corporate.sky.com
(IT/JP)
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