Sky Plc (BSYBY.PK,BSY.L) would sell a controlling stake in its online betting and gaming business, Sky Betting & Gaming or "Sky Bet", to funds advised by CVC Capital Partners in a transaction that values Sky Bet at 800 million pounds. As part of the sale, Sky would receive 600 million pounds cash on closing and further deferred and contingent consideration up to the value of 120 million pounds. The total value of 800 million pounds represents a multiple of around 15x EBITDA for the year to June 30, 2014. Sky would retain an interest of nearly 20 percent in Sky Bet and ongoing board representation. Purusant to the transaction, Sky has also signed a long-term brand licence deal with Sky Bet. Sky Bet was formed in 2001 and has grown rapidly to become one of the leading operators in the UK's online betting and gaming market, through its strong partnership with Sky Sports and its track record of technology and product innovation. Jeremy Darroch, Group Chief Executive of Sky, said: "In the last ten years, we have successfully grown Sky Bet from a start-up to one of the leading online betting and gaming companies in the UK. This transaction will allow us to focus further on the substantial growth opportunities in our core international pay TV business while realising significant value for our shareholders." The transaction may close in the first quarter of 2015.
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