Teachers’ closes acquisition of Camelot Group Ltd., UK National Lottery operator
TORONTO - The Ontario Teachers' Pension Plan (Teachers') today announced the closing of its acquisition of Camelot Group Ltd., which has an exclusive licence to operate the UK National Lottery.
Teachers' looks forward to working with Camelot's management to invest in and build the business in the coming years. The acquisition was made by Teachers' Long-Term Equities department, which focuses on direct investments that have steady cash flow and growth potential over a long-term horizon.
Completion of this £389 million (subject to finalization of completion accounts) transaction, which was announced in March, was conditional on approval from Camelot's regulator, the National Lottery Commission, which has now been received.
With $96.4 billion in assets as of December 31, 2009, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 289,000 active and retired teachers in Ontario. For more information visit www.otpp.com
Director, Communications and Media Relations
Ontario Teachers' Pension Plan