CVC Capital Partners is to acquire a controlling stake in Sky Bet from Sky plc in a deal worth £800m.
Sky will retain an equity stake of approximately 20 per cent and will continue to have board representation.
The Sky Bet management team will remain with the business under the new ownership structure, as will all of the company’s employees.
The deal is expected to go through in the first quarter of 2015.
Richard Flint, managing director of Sky Bet, said: "Today's transaction brings in CVC as a new majority investor who will support us in the exciting next phase of our development, and retains the benefits of Sky's and Sky Sports' continuing involvement.”
Rob Lucas, managing partner of CVC, added: “Richard Flint and his team have built a fantastic business, which is a leader in the fast-growing mobile and online, betting and gaming markets.
“The partnership between CVC and Sky will provide a strong platform to support Sky Bet's ongoing success at this exciting point in its development."
