Sky: sells remaining stake in online gaming business
(CercleFinance.com) - Sky has agreed to sell its 20% stake in the online betting and gaming business Sky Betting & Gaming to Canada's The Stars Group, the British broadcaster said on Monday.
This disposal follows the sale of Sky's 80% stake in the online gaming unit to CVC Capital Partners in 2015.
Today's transaction will see Sky receive 425 million pounds in cash as well as 7.6 million newly issued shares, or approximately 3% of The Stars Group's capital, worth approximately 145 million pounds.
Together, the transactions will generate a total value of close to 1.2 billion pounds (around 1.4 billion euros) for Sky shareholders, the group said.
Sky plans to use the proceeds to reduce debt and reinvest in further growth opportunities.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
This disposal follows the sale of Sky's 80% stake in the online gaming unit to CVC Capital Partners in 2015.
Today's transaction will see Sky receive 425 million pounds in cash as well as 7.6 million newly issued shares, or approximately 3% of The Stars Group's capital, worth approximately 145 million pounds.
Together, the transactions will generate a total value of close to 1.2 billion pounds (around 1.4 billion euros) for Sky shareholders, the group said.
Sky plans to use the proceeds to reduce debt and reinvest in further growth opportunities.
Copyright (c) 2018 CercleFinance.com. All rights reserved.