LONDON (Reuters) - Pay-TV group Sky said on Thursday it had agreed to sell a controlling stake in Sky Bet to CVC Capital Partners in a move which values the online betting business at 800 million pounds ($1.3 billion).
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.
It could also receive extra funds based on CVC receiving a certain return on its investment.
(Reporting by Kate Holton; Editing by Neil Maidment)
