Camelot bought by Canadian pension fund

Camelot, the National Lottery operator, has been bought out by Canadian pension fund Ontario Teachers’ Pension Plan (OTPP).

The sale is going ahead with a value of around £400 million and is the culmination of a sales process that has lasted for almost a year. OTPP fought off a rival offer from CVC Capital Partners, a major private equity firm.

The deal still needs to be cleared by the National Lottery Commission and is likely to raise new concerns about the selling off of British assets to foreign companies. These concerns will be intensified by the fact that the National Lottery has agreed to raise £750 million of funding for the London Olympic Games and Paralympic Games in 2012.

Camelot said it welcomed its new Canadian owners. The firm’s chief executive Dianne Thompson commented, “we welcome Teachers' commitment to the National Lottery's ongoing success, and look forward to the opportunity of working with them."

OTPP is one of Canada’s largest investors, with assets estimated to be worth £27.3 billion. It also has several existing British assets, including part of a 48 per cent stake in Birmingham Airport and a 49 per cent stake in Bristol Airport.

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