Ontario Teachers Pension Plan acquires Camelot
The Ontario Teachers Pension Plan has acquired the UK national lottery operator Camelot with an agreed £389 million deal. While over the past few months we have become accustomed to overseas takeovers in the UK, and the heavy handed management style of some overseas companies acquiring UK businesses, it seems that the Ontario Teachers Pension Plan will be very different.
Initial comments from the new owner of Camelot suggest that it is happy to take a back seat and allow the management of the UK national lottery to continue as normal. It has been known for some time that Camelot would like to expand into overseas markets and with the financial backing of its new owner there is every chance, with an estimated £60 million of additional working capital being put aside for expansion.
The UK government will be very happy to see a new owner coming in and taking less of a hands-on approach to a recognised and respected UK company. When you compare this to the acquisition of Cadbury by Kraft Foods and the political arguments which still continue to this day the acquisition of Camelot is something of a breath of fresh air. This acquisition by the Canadian investor came out of the blue for many people although the terms seem very fair and the company would appear to be in good hands for the future.
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