Satellite broadcaster Sky has offered a bulk stake in Sky Bet, valuing the gaming operation at ₤ 800m.
The Leeds-based operation, that includes websites such as Sky Vegas and Sky Bingo, is being purchased by private equity group CVC Capital Partners., external
Sky will be paid ₤ 600m when the bet9ja's welcome offer is finished next year and will retain a 20% stake.
Betting and video gaming was not considered as part of Sky's core company, a spokesperson said.
The sale would allow it to focus on the "considerable development chances" in pay television in the 5 European markets it operated in, Sky stated.
The business just recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its consumer base to 20 million across Britain, Ireland, Germany, Austria and Italy.
Jeremy Darroch, chief executive of Sky, stated the yohaig code sale realised "substantial value" for shareholders.
Shares in Sky increased 1.2% to 938p in London, valuing the business at simply over ₤ 16bn. the yohaig code stock has increased by almost 20% in the yohaig code past 12 months.
'Successful asset'
Analysts at Citi said Sky could use some of the profits to buy out the yohaig code remaining minority shareholders in Germany, adding: "We think a sale of Sky Bet is a sensible strategic relocation."
Investec explained Sky Bet is a "non-core but highly effective property" and said proceeds must help the company pay down financial obligation, which was anticipated to be ₤ 6.3 bn for the 2015 financial year.
CVC, which has had an interest in the wagering and gaming sector with stakes in companies such as William Hill and IG Group, tried to buy Betfair last year in a ₤ 1bn bet9ja's welcome offer. However, the 2 business stopped working to settle on cost.
the yohaig code personal equity group controls the Formula One motor racing business.
Sky Bet will stay in Leeds with all personnel relocating to the brand-new entity.
The business created net earnings of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.
Sky has struck a long-lasting brand name licence arrangement with Sky Bet.
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