Equity and investment firm CVC Capital Partners has completed its acquisition of an 80% stake in Sky Bet, the online betting arm of UK pay-television broadcaster BSkyB.

The deal, which was first announced in December 2014, values Sky Bet at £800 million (€1.1 billion/$1.2 billion).

Under the agreement, Sky received £600 million in cash and a vendor loan note, and will be entitled to further payments depending on CVC achieving certain minimum return criteria on its Sky investment.

“The sale crystallizes value for Sky that has been created in Sky Bet, and enables the enlarged Sky to focus on the significant opportunity for growth in pay-TV across the five markets in which it now operates.” Sky said.