New Owners for SkyPoker

New Owners for SkyPoker

Monday, 8 December 2014

Media giant Sky has sold an 80 percent stake in its Sky Bet gambling arm to CVC Capital Partners in a deal worth an initial £600m.

The deal includes Sky Bingo, Sky Vegas, Sky Casino, sportsbetting odds comparison site and Sky Poker.

Under the terms of the purchase, Sky will retain a 20 percent equity share as well as agreeing a long-term licensing deal for the SkyBet brand.

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.”

CVC confirmed that Sky Bet's current Leeds-based operation will remain in place under the stweardship of managing director Richard Flint.

Rob Lucas, Managing Partner of CVC, added, "We are delighted to have agreed to acquire a controlling stake in Sky Bet. Richard Flint and his team have built a fantastic business, which is a leader in the fast growing mobile and online, betting and gaming markets. The partnership between CVC and Sky will provide a strong platform to support SkyBet's ongoing success at this exciting point in its development."

Tags: Sky Poker, business