CVC Capital Partners, an equity and investment firm, will borrow 8 million to finalize its acquisition of sports betting and gaming sites operator Sky Bet from BskyB. The deal will close within the first quarter of 2015.
The terms of purchase, which were agreed to on December 4, 2014, require CVC Capital to pay BskyB $905 million in cash plus an additional $181 million in contingent payments. BskyB will retain an equity stake of 20 percent in Sky Bet.
Goldman Sachs will lead the debt financing through institutional investors, which will include $513 in first lien loans, plus $75 million in reserved credit offered by CVC Capital.
In the 2014 fiscal year, through June 30, Sky Bet generated profit before tax of $75 million pounds on revenues of $275 million. Founded in 2001, Sky Bet is the title sponsor of English soccer’s Football League.
