Pension plan to purchase Camelot
Source: Agencies |
March 27, 2010, Saturday
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Print Edition
Print Edition
A CANADIAN pension plan has agreed to acquire Camelot Group Plc, the company which operates Britain's National Lottery, for 389 million pounds (US$579 million), the lottery operator said yesterday.
The Ontario Teachers' Pension Plan is buying the share stakes held by Cadbury Holdings Ltd, De La Rue Holdings Plc, Fujitsu Services Ltd, Royal Mail Enterprises Ltd and Thales Electronics Plc, which each held a 20 percent share.
Britain's National Lottery Commission must approve the transaction, a process that can take three months.
Wayne Kozun, the senior vice president for public equities at the pension plan, said that the fund intended to "realize the full potential of the Camelot business over the remaining license term and into the future."
"We're known as a patient investor," he said.
Camelot had sales of 5.15 billion pounds in the year ending March 31, 2009, yielding a net profit of 44.5 million pounds, up from 36.1 million pounds the previous year.
Camelot began its third National Lottery license last year. The license lasts for 10 years with a possible extension for a further five years.
The fund has offices in London, Toronto, and New York. It invests and administers the pensions of 289,000 active and retired teachers in Ontario.
The fund said it also had investments in other British companies, including Acorn Care and Education, Bristol International Airport and Thomas More Square Estate.
Launched in 1994, the National Lottery has paid out more than 37 billion pounds in prizes and created more than 2,400 millionaires or multimillionaires.
The Ontario Teachers' Pension Plan is buying the share stakes held by Cadbury Holdings Ltd, De La Rue Holdings Plc, Fujitsu Services Ltd, Royal Mail Enterprises Ltd and Thales Electronics Plc, which each held a 20 percent share.
Britain's National Lottery Commission must approve the transaction, a process that can take three months.
Wayne Kozun, the senior vice president for public equities at the pension plan, said that the fund intended to "realize the full potential of the Camelot business over the remaining license term and into the future."
"We're known as a patient investor," he said.
Camelot had sales of 5.15 billion pounds in the year ending March 31, 2009, yielding a net profit of 44.5 million pounds, up from 36.1 million pounds the previous year.
Camelot began its third National Lottery license last year. The license lasts for 10 years with a possible extension for a further five years.
The fund has offices in London, Toronto, and New York. It invests and administers the pensions of 289,000 active and retired teachers in Ontario.
The fund said it also had investments in other British companies, including Acorn Care and Education, Bristol International Airport and Thomas More Square Estate.
Launched in 1994, the National Lottery has paid out more than 37 billion pounds in prizes and created more than 2,400 millionaires or multimillionaires.
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