Canadian Pension Fund Buys Lottery Operator Camelot
The Ontario Teacher’s Plan has bought Watford based National Lottery operator Camelot for £389m, making it the latest British firm to be bought by a foreign investor.
The Lottery games will continue to be run as normal; although concerns have been raised that UK jobs and businesses are at risk. Camelot currently employ 750 people.
In February 2010, Cadbury, along with Royal Mail, who were amongst the five member consortium who owned Camelot, was bought by American food group Kraft. The American company was quick to lay off staff, prompting accusations from MPs of ‘raping’ and ‘pillaging.’
More commonly known as Teachers, the Organisation outbid a London based private equity firm CVC, in bidding for Camelot.
Lee Sienna, a Vice President of Teachers, said: “We are committed to the business. Teachers adopts a long term view of its investments, creating a stable environment, and providing commitment and continuity in the businesses it invests in. We are further committed to supporting the management team within Camelot, ensuring delivery of its plans for the business.”
The Lottery Regulator will now examine the Teachers plans for the firm. Should Teachers be deemed an unfit owner, The National Lottery Commission are empowered to halt the sale. Chief executive Mark Harris said: “Camelot shares cannot be transferred without our written consent. The proposal will be scrutinized to ensure that Teachers is a fit and proper Organization to maintain the running of the National Lottery, also that commitments are safeguarded.”
Source acknowledged with thanks: The Mail Online 27/03/10
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