Under the agreement, which was first announced in October of last year and approved by the Great Britain Gambling Commission last month, Camelot will become a wholly owned subsidiary of Allwyn.
The agreement covers all Camelot’s UK operations, including the current rights to operate the National Lottery until February 2024, when Allwyn will take over after it was awarded the fourth National Lottery licence to Allwyn, ending Camelot’s 28-year tenure as operator.
In accordance with the terms of the third licence, Camelot will continue to be operated separately from Allwyn.
Allwyn said the acquisition would help facilitate a smooth transition of operations, as well as produce “greater clarity and certainty” for the future of the National Lottery, the good causes that it funds and for the employees of both Camelot and Allwyn.
Clare Swindell and Neil Brocklehurst, current Camelot chief financial officer and commercial director, respectively, were last month appointed joint co-chief executives and will lead Camelot to the end of the third licence.
Sir Hugh Robertson, Camelot’s Chairman since 2018, has stepped down, with Sir Keith Mills having been appointed as the new chair of the business. Nigel Railton also left his role as chief executive of Camelot in connection with the deal.
Financial terms of the deal were not disclosed, but citing sources close to the initial talks, Sky News said the agreement was worth approximately £100m (€112m/$121m).
Confirmation of the approval and management changes comes after Allwyn last month also finalised a deal to acquire the US-facing Camelot Lottery Solutions unit of companies from Ontario Teachers.
Original article: https://igamingbusiness.com/strategy/ma/allwyn-completes-camelot-uk-lotteries-acquisition/
