Camelot sold to Canada Teachers for £390m
Camelot, the UK National Lottery operator has been sold to a Canadian Teachers pension fund for around £390 million. Camelot has been running the National Lottery since 1994.
The bidding process to take over Camelot began after four of its five shareholders, Cadbury, banknote printer De La Rue, Fujitsu and Thales, decided to put their stakes in the business up for sale. The final shareholder, Royal Mail put its stake up for sale in December.
The Ontario Teachers’ Pension Plan, the proposed buyer of Camelot is known simply as Teachers’ and runs the pension fund for more than 250,000 Canadian teachers.
Teachers’ already has a number of investments in the United Kingdom, including major stakes in Birmingham and Bristol airports and in Northumbrian Water.
Chief Executive of the National Lottery Commisions, Mark Harris, said, “We will scrutinise the proposal to ensure that the Ontario Teachers’ Pension Plan is fit and proper to take over the running of the National Lottery.” It is understood that the commission will take up to three months to go through the proposal from Teachers’.
Last year, Camelot was granted a 10 year licence to run the National Lottery in the UK – its third consecutive licence award since the Lottery began.
Wayne Kozun, a senior vice-president at Teachers’, said “We look forward to partnering with the Camelot business over the remaining licence term and into the future.”
Camelot are also excited about the prospect of having new owners. Chief Executive Dianne Thompson said , “We welcome Teachers’ commitment to The National Lottery’s ongoing success, and look forward to the opportunity of working with them.”
Published: March 26, 2010