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Sky sells controlling stake in Sky Bet to CVC

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Matthew Lewis | Getty Images

Pay-TV group Sky said on Thursday it had agreed to sell a controlling stake in Sky Bet to CVC Capital Partners CVC.UL in a move which values the online betting business at 800 million pounds.

Sky, which operates in Britain, Italy, Germany, Austria and Ireland, said it would receive 600 million pounds in cash at completion and would retain a stake of around 20 percent in Sky Bet.

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It could also receive extra funds based on CVC receiving a certain return on its investment.