Sky sells 80% of betting business to CVC for €1.1bn

European pay-TV group Sky has agreed to sell a controlling stake in Sky Bet to CVC Capital Partners in a deal which values the online betting business at £800 million (€1.1bn), with Sky retaining a 20% stake.

Sky said the sale would enable it to focus on the growth areas within its pay-TV business, where it has recently expanded into continental Europe with the purchase of Sky Italia and 90% of Sky Deutschland.

Analysts at Citi said Sky could use the proceeds towards buying out the remainder of the minority shareholders in Germany.