The Ontario Teachers’ Pension Plan (Teachers’) has signed a deal to acquire Camelot Group plc, the organization licensed to operate the U.K. National Lottery, for an estimated £389 million (C$596.3 million).
The pension fund says it will acquire the shares from Camelot’s five shareholders: Cadbury Holdings Ltd., De La Rue Holdings plc, Fujitsu Services Ltd., Royal Mail Enterprises Ltd. and Thales Electronics plc.
“As a pioneer in direct investing, and with an excellent global investment track record, we look forward to partnering with management to realize the full potential of the Camelot business over the remaining licence term and into the future,” said Wayne Kozun, Teachers’ senior vice-president of public equities, in a statement.
The acquisition is the latest in a string of U.K.-based deals, including Acorn Care and Education, Bristol International Airport, Birmingham Airport, Scotia Gas Networks, InterGen and Thomas More Square Estate.
The acquisition is conditional on approval from Camelot’s regulator, the National Lottery Commission in Britain.
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Liberal bill offers LTD protection
Liberal Senator Art Eggleton is to table a bill in the Senate that would amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act in order to protect workers on long-term disability (LTD).
LTD workers are classified as “unsecured” creditors under current legislation. Eggleton’s bill will seek to reclassify them as “preferred” creditors, putting their claims second in line for access to assets in corporate bankruptcy cases.