The British private equity firm has reportedly hired bankers from the prestigious Rothschild world back for assistance with the rollout of an initial public offering for Sky Betting and Gaming. According to global media reports, CVC hoped to raise as much as £3 billion through this venture.
IPO To Raise Up To £3 Billion
It was back in 2014 when CVC Capital first purchased its majority stake in Sky Bet, which was already a world-renowned betting and gaming operator at the time. This is not the first time the group has involved itself in the listing of a large-scale bookmaker, either; back in 1999, CVC teamed up with Cinven to acquire William Hill from Nomura for a consideration of £825 million before floating the firm in 2002.
Respected news outlet Reuters has also noted that the Rothschild investment bank has been instructed to investigate the potential of a possible stock market listing for Sky Betting and Gaming. The bank has reportedly been given the task of raising interest in the company from global banks in an effort to arrange the IPO that CVC is hoping for.
Reuters also noted that industry insiders with close knowledge of the deal have stated that the float could potentially raise around £2.5 billion to £3 billion, should the process go according to plan. With that said, both Sky Bet and CVC Capital have declined to offer their comments on the issue, so it can only be speculated for now what their exact plans hold in store.
About Sky Betting and Gaming
Sky Betting and Gaming is a UK-based online bookmaker and real money gaming supplier. Headquartered in Leeds, Sheffield, Rome, Germany, London and Guernsey, Sky Bet’s umbrella consists of five major online gaming brands: Sky Vegas, Sky Bet, Sky Casino, Sky Poker, and Sky Bingo.
Sky Bet is licensed in jurisdictions across the globe, and also offers land-based gaming and betting operations in New Zealand and beyond. The international iGaming supplier was originally established back in 2002, and has since grown into one of the most trusted sports betting and gambling brands among numerous regulated gaming markets.