Ontario Teachers’ Pension Plan Board green lights sale of Irish National Lottery
The Canadian pension fund's nine-year tenure is nearing a premature end
The Ontario Teachers’ Pension Plan (OTPP) is further withdrawing from the lottery market after deciding to sell the Irish National Lottery, according to The Times.
The report states that the Canadian pension fund is looking to sell the business despite there being more than a decade remaining on its licence.
The Ontario Teachers’ Pension Plan – which controls Premier Lotteries Ireland (PLI) – spent $598.85m on a 20-year licence to operate the franchise back in 2014, but has now reportedly hired Swiss bank UBS to advise on its sale.
A spokesperson for PLI said: “Any discussion regarding the ownership structure is a question for the shareholders and not something that we are in a position to comment on.
“PLI is wholly committed to delivering its core purpose, to operate a responsible and world-class lottery for the people of Ireland, raising much-needed good cause funds for the benefit of local communities throughout Ireland.”
This latest development follows the OTPP’s recent sales of Camelot UK and Camelot Lottery Solutions to global operator Allwyn.
The former was finalised last month following approval from the UK Gambling Commission in January, with the OTPP relinquishing control after 13 years.
Furthermore, earlier this month, Allwyn officially completed its acquisition of the Camelot LS group of companies.
The OTPP Board acquired Camelot in 2010 for a fee in the region of $634m, but all control and ownership of the group has now passed to Allwyn, the next operator of the UK National Lottery.