CVC Capital Partners have agreed to purchase Sky Bet from Sky.

Sky will retain a 20% stake, and CVC Capital Partners will pay initially 600m and later pay the remaining 120m. This places the current value of Sky bet at 800m.

Sky bet was formed in 2001 and has strong ties with Sky Sports.

The transaction is subject to regulatory clearances in both the UK and Ireland. Provided that everything goes through, it should be completed in early 2015.