Sky Betting and Gaming sold for GBP 800 million

Thursday August 6,2015  : SKY MEDIA BENEFITS HANDSOMELY FROM ONLINE COMPANY SALE.
 
Sky Betting and Gaming sold for GBP 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 GBP 620 million in cash and the remainder of the agreed GBP 800 million consideration depending on performance criteria that have been set.
 
Sky Media will continue to hold a 20 percent stake in the company.
 
It was a good buy for CWC, too – last year Skybet made a GBP 45 million pre-tax profit and has clearly been doing well.