SBC News Voice of the Sports Betting Industry
Private equity firm CVC Capital has confirmed the completion of its 80% acquisition stake of Sky Bet from BSkyB. CVC Capital confirmed that its £800 million has been cleared of all regulatory compliances, allowing for the deal to be finalised.
Under the terms of the transaction, BskyB has received cash of £600m and a vendor loan note, and will be entitled to further consideration contingent on CVC achieving certain minimum return criteria on its investment in Sky Bet.
BSkyB has retained an equity stake of 20 per cent in Sky Bet and ongoing board representation.
The media corporation said the sale crystallised the value that had been created in Sky Bet, and enabled it to focus on the “significant opportunity for growth” in pay TV across the five markets in which it now operates.
Sky Bet will continue to be run by the existing leadership team, with Richard Flint assuming the role of chief executive.
