Satellite broadcaster Sky has actually offered a bulk stake in Sky Bet, valuing the betting operation at ₤ 800m.
The Leeds-based operation, which includes websites such as Sky Vegas and Sky Bingo, is being purchased by personal equity group CVC Capital Partners., external
Sky will be paid ₤ 600m when the bet9ja's welcome offer is completed next year and will maintain a 20% stake.
Betting and gaming was not considered part of Sky's core service, a spokesperson said.
The sale would enable it to focus on the "considerable growth chances" in pay-tv in the five European markets it ran in, Sky said.
The company just recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its client base to 20 million across Britain, Ireland, Germany, Austria and Italy.
Jeremy Darroch, president of Sky, stated the sale realised "substantial value" for shareholders.
Shares in Sky rose 1.2% to 938p in London, valuing the company at just over ₤ 16bn. The stock has increased by almost 20% in the past 12 months.
'Successful property'
Analysts at Citi stated Sky might use a few of the earnings to purchase out the staying minority shareholders in Germany, including: "We believe a sale of Sky Bet is a sensible tactical move."
Investec described Sky Bet is a "non-core however extremely successful asset" and said profits should assist the company pay down financial obligation, which was expected to be ₤ 6.3 bn for the 2015 fiscal year.
CVC, which has actually had an interest in the wagering and gaming sector with stakes in companies such as William Hill and IG Group, shopped Betfair in 2015 in a ₤ 1bn bet9ja's welcome offer. However, the 2 business stopped working to concur on price.
The private equity group manages the Formula One motor racing service.
Sky Bet will remain in Leeds with all staff relocating to the brand-new entity.
Business created net earnings of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.
Sky has actually struck a long-term brand name licence contract with Sky Bet.
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