Premier Lotteries Ireland (PLI), a subsidiary of Ontario Teachers’ Pension Plan, has finalized terms for a 20-year licence to operate the Irish National Lottery.
PLI was selected in October 2013 as the preferred bidder for the licence following a competitive bidding process. With terms finalized, the initial payment of the €405-million ($607.4-million) licence fee will be made to the Irish government. The transition to PLI operating the National Lottery is expected to be completed over the next year.
PLI ownership includes minority stakes held by An Post and An Post pension funds. An Post is a major Irish commercial organization providing postal, communication, retail and financial services. A subsidiary of An Post is the current operator of the National Lottery.
Teachers’ is the owner of Camelot Group, the operator of the UK National Lottery. Camelot’s subsidiary, Camelot Global Services, will provide consulting services to the existing management team of the Irish National Lottery.
“Teachers’ is an experienced investor in lottery operators and we look forward to working with our partners in Ireland to grow the National Lottery through innovation and technology investments that grow sales,” said Lee Sienna, Teachers’ vice-president, long-term equities and chairman of PLI. “The Irish licence is a significant milestone in our strategy of building a leadership position in the international lottery sector.”
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