Sky Sells Majority Stake In Sky Bet Satellite broadcaster Sky has actually sold a majority stake in Sky Bet, valuing the gaming operation at ₤ 800m. The Leeds-based operation, which consists of sites such as Sky Vegas and Sky Bingo, is being bought 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 related to as part of Sky's core service, a spokesperson stated. The sale would allow it to focus on the "substantial growth chances" in pay tv in the 5 European markets it ran in, Sky stated. The business recently finished the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its consumer base to 20 million throughout Britain, Ireland, Germany, Austria and Italy. Jeremy Darroch, president of Sky, stated the sale realised "substantial worth" for investors. Shares in Sky rose 1.2% to 938p in London, valuing the company at just over ₤ 16bn. The stock has actually increased by practically 20% in the past 12 months. 'Successful property' Analysts at Citi stated Sky could utilize some of the earnings to purchase out the remaining minority investors in Germany, adding: "We think a sale of Sky Bet is a practical strategic relocation." Investec explained Sky Bet is a "non-core however extremely successful asset" and stated earnings ought to help the company pay down financial obligation, which was expected to be ₤ 6.3 bn for the 2015 fiscal year. CVC, which has had an interest in the betting and gaming sector with stakes in companies such as William Hill and IG Group, shopped Betfair last year in a ₤ 1bn offer. However, the two companies stopped working to settle on rate. The personal equity group controls the Formula One motor racing service.