Sky Sells Majority Stake In Sky Bet Satellite broadcaster Sky has actually sold a majority stake in Sky Bet, valuing the gambling operation at ₤ 800m. The Leeds-based operation, that includes sites 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 deal is finished next year and will keep a 20% stake. Betting and video gaming was not considered as part of Sky's core service, a spokesperson stated. The sale would enable it to focus on the "substantial development opportunities" in pay tv in the five European markets it ran in, Sky said. The company recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its customer base to 20 million across Britain, Ireland, Germany, Austria and Italy. Jeremy Darroch, president of Sky, stated the sale realised "substantial worth" for investors. Shares in Sky increased 1.2% to 938p in London, valuing the company at just over ₤ 16bn. The stock has increased by nearly 20% in the previous 12 months. 'Successful asset' Analysts at Citi stated Sky could utilize a few of the profits to purchase out the staying minority shareholders in Germany, adding: "We think a sale of Sky Bet is a practical tactical relocation." Investec explained Sky Bet is a "non-core however extremely effective property" and stated proceeds need to assist the company pay for financial obligation, which was anticipated to be ₤ 6.3 bn for the 2015 financial year. CVC, which has actually had an interest in the wagering and gaming sector with stakes in business such as William Hill and IG Group, shopped Betfair last year in a ₤ 1bn deal. However, the 2 companies failed to settle on price. The personal equity group controls the Formula One motor racing service.