The Ontario Teachers’ Pension Plan, one of Canada’s top investors, said on Thursday that it finalized the terms for a 20-year license to operate the Irish National Lottery through a unit, a move that expands its presence in the region and industry.
The pension fund’s Premier Lotteries Ireland Ltd subsidiary was picked in October as the preferred bidder for the license. With final terms settled, it is expected to begin operating the lottery over the next year, the pension fund said.
The pension fund, which agreed to pay a €405 million (US$554.10 million) license fee to the Irish government, also owns Camelot Group, the operator of the UK National Lottery. Camelot will provide consulting services to the Irish lottery’s existing management.
The Irish deal is part of the Canadian pension fund’s strategy of building a “leadership position” in the international lottery sector, Lee Sienna, its vice-president of long-term equities, said in a statement.
The pension fund, an active global dealmaker, had about C$129.5 billion (US$116.19 billion) in net assets by the end of 2012.
Photo courtesy of Shutterstock