The British group Sky announced the sale of its betting subsidiary Skybet to the CVC investment fund. According to what we read in the official press release of the British group, CVC and Sky have estimated the value of SkyBet around 800 million pounds, i.e. just over one billion euros.
This figure is reached through a cash payment of 600 million pounds by the private equity fund; another 120 million will be paid later. The difference (another £80m) represents the 20% stake Sky Group maintains in SkyBet. The combined value of £800 million incorporates a multiple of approximately 15 times EBITDA for the 12 months ended 30 June 2014.
At the basis of the sale of the betting subsidiary is the will of the Sky group to concentrate its development on thepay TV offer in the five European markets where it is present, namely the United Kingdom, Ireland, Germany, Austria and Italy.
