Allwyn confirms discussions to buy Camelot’s U.K. operations

Content Team 1 year ago
Allwyn confirms discussions to buy Camelot’s U.K. operations

Allwyn Entertainment has confirmed it’s in advanced discussions to buy the U.K. National Lottery. 

In a brief statement, Allwyn said it was talking with the Ontario Teachers’ Pension Plan over Camelot’s U.K. operations. 

“If an agreement were to be reached, it would be subject to regulatory approvals,” it said. “Our shared objective is to reach an agreement which would best serve the interests of the many stakeholders of The National Lottery, in particular, the good causes it supports as well as the employees of Camelot and Allwyn UK.”.

Allwyn is a global lottery group, with brands in Austria, the Czech Republic, Greece, Cyprus and Italy. It has grown wagers to EUR19 billion over the past decade.  

Sky News first reported the potential acquisition, saying the deal could be worth as much as GBP100 million ($116 million). 

In September, the U.K. Gambling Commission awarded Allwyn with the fourth National Lottery License, adding new conditions to align profit with good causes.

Allwyn will take over the license from Camelot in 2024. Camelot and its partner IGT had sought GBP600 million in damages after failing to retain the license. 

Allwyn SPAC deal abandoned

Allwyn had been planning to merge with special purpose acquisition company Cohn Robbins Holdings to gain a New York Stock Exchange listing. 

The company said last month that it had decided to call off the plan, despite investor support, due to the volatility in global markets and the broader economic outlook of higher inflation, interest rates and recession. 

It said investors had offered $700 million to support the combination. 

Teachers’, the largest single-profession pension plan in Canada, bought Camelot in 2010 for about GBP389 million. 

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