Ownership of Camelot UK has now officially changed hands after Allwyn completed its acquisition from the Ontario Teachers’ Pension Plan Board (OTPPB) yesterday.
The Canadian pension fund acquired Camelot in 2010 for a fee in the region of C$634m, but last month received regulatory approval from the UK Gambling Commission (UKGC) to sell the operator to Allwyn.
Events have now progressed to a point where the Ontario Teachers’ Pension Plan Board has relinquished control of Camelot UK as it prepares to hand over the UK National Lottery baton to Allwyn UK in 2024.
This sale forms part of a wider agreement between OTTP and Allwyn, with news emerging in December that the Camelot Lottery Solutions (Camelot LS) group of companies would also be heading in the same direction.
Finalisation of the deal means Camelot is now a wholly-owned subsidiary of the pan-European lottery operator.
Meanwhile, following the news, Camelot UK has confirmed several changes to its Board and Management team.
Sir Keith Mills has been appointed as the company’s new Chair, replacing Sir Hugh Robertson who previously announced that he was stepping down from the role.
Clare Swindell and Neil Brocklehurst, currently Camelot’s Chief Financial Officer and Commercial Director respectively, have also been appointed joint Co-Chief Executives and will lead Camelot through to the end of the third licence in January 2024.