Interactive
UK – CVC Capital completes Sky Betting deal
By Phil - 23 March 2015
Leeds-based digital betting operator, Sky Betting and Gaming, is now an independent company after a deal by Sky to sell an 80 per cent share of the business completed, following the receipt of all required regulatory clearances.
After announcing the decision to sell the company back in December 2014 the deal, which is worth £800m, has now been finalised making CVC Capital Partners, one of the world’s leading private equity houses, the majority stakeholders in the business.
Sky will retain an equity stake of 20 per cent in Sky Betting and Gaming enabling it to participate in the continued success of the business. Richard Flint continues at Sky Betting and Gaming as Chief Executive, alongside the rest of the team who will also stay with the business.
Speaking about the completion of the deal, Richard Flint said: “We have seen rapid growth in the business over the last few years, driven by our focus on cutting edge technologies and digital trends such as mobile and agile software development. The completion of this deal gives us the best of both worlds in that we can invest and grow rapidly whilst retaining the brand and support from Sky.”
Following the deal, Sky Betting and Gaming will continue to invest in Leeds and the Yorkshire region as a whole by recruiting for new roles at its headquarters, on Wellington Place in Leeds. New positions have been created across numerous departments including technology, product development, marketing and customer service.
Mr. Flint continued: “We have also focused on creating an open, friendly, fun and yet high performing culture and we want to develop this even further in the future. And sport is always on the TVs throughout our office! We would love to hear from talented people who want to be part of the next phase of our growth”
