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SKY MEDIA BENEFITS HANDSOMELY FROM ONLINE COMPANY SALE.
06th August, 2015 at 14:03:28
Sky Betting and Gaming sold for £ 800 million - six hundred million of it in cash.
The sale of Sky Betting and Gaming to private equity company CVC Capital has proved profitable for parent Sky Media, which clinched the deal for £ 620 million in cash and the remainder of the agreed £ 800 million consideration depending on performance criteria that have been set.
Sky Media will continue to hold a 20% stake in the company.
It was a good buy for CVC, too - last year Skybet made a £ 45 million pre-tax profit and has clearly been doing well.
Sky Vegas, SkyBet, Sky Casino and Sky Poker form the basis of the deal with mobile products and niche sports products forming a significant part of the package.
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