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Saturday 29th of May 2010
March 26, 2010    

National Lottery owner Camelot sold

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by Kay Murchie
National Lottery owner Camelot sold

It has been announced that the National Lottery operator, Camelot, has been sold to a Canadian teachers’ pension fund in a deal valued at £389 million.

The buyer, the Ontario Teachers’ Pension Plan - simply known as Teachers’ - has stakes in Northumbrian Water and Bristol and Birmingham airports.

Teachers‘ beat off strong competition from private equity fund, CVC Capital Partners.

However, the deal is subject to regulatory approval from the National Lottery Commission, which could take up to three months.

Camelot, which has run the lottery since it commenced in November 1994, was put up for sale last year after Royal Mail bowed to pressure from the group’s other shareholders which all wanted to sell.

Lee Sienna, vice president of investments, Ontario Teachers’ Pension Plan said: “Teachers’ takes a long-term view of its investments, providing an environment of stability, commitment and continuity in the businesses it invests in, and is committed to supporting Camelot’s management team.”

Meanwhile, Dianne Thompson, Camelot’s chief executive, added: “We welcome Teachers’ commitment and look forward to working with them to deliver even more money for the good causes.”

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Tags: , Camelot, Canadian teachers’ pension fund, , CVC Capital Partners, National Lottery, operator, ,