Allwyn's acquisition of Camelot UK has been approved by the Gambling Commission
The UK Gambling Commission has given Allwyn permission to proceed with its planned acquisition of Camelot UK Lotteries.
Allwyn revealed last October that it was in advanced talks to buy the company from the Ontario Teachers' Pension Plan (OTPP) for £100.0 million (€113.9 million/$124.0 million).
The agreement includes all of Camelot's UK businesses, including the present rights to operate the National Lottery until February 2024, when Allwyn will take over after Allwyn was awarded the fourth National Lottery licence in September 2022, bringing Camelot's 28-year tenure as operator to an end.
Allwyn stated that the acquisition would aid in the smooth transition of operations and provide "more clarity and certainty" for the future of the National Lottery, the good causes it supports, and the staff of both Camelot and Allwyn.
Other regulatory conditions still apply to the acquisition.
“This marks an important milestone in our journey to become the operator of the National Lottery; acquiring Camelot will help ensure a smooth transition from the third to the fourth licence, while bringing together the collective expertise and technical know-how of two highly experienced lottery operators,” Allwyn Group chief executive and Allwyn UK interim CEO Robert Chvátal said.
“We are thrilled to welcome Camelot into the Allwyn family. We are united by our common passion: to protect and improve The National Lottery, and the good causes it supports.”
In connection with the transaction, Allwyn announced a number of changes to Camelot's board of directors and management team. Clare Swindell, Camelot's current chief financial officer, and Neil Brocklehurst, Camelot's commercial director, will become co-chief executives and oversee the company until the fourth licence expires in January next year.
Swindell joined Camelot as chief financial officer in 2017 and was elected to the board in September 2019. Prior to joining Camelot, Swindell was group CFO at Dunnhumby and had several top finance positions at Tesco.
Brocklehurst has been with Camelot for 15 years in several top positions, most recently as commercial director since 2018. His lottery experience includes working with Camelot Global in the UK, Ireland, and North America, including as interim managing director.
Departures from the Camelot
In addition, Camelot's current chairman, Sir Hugh Robertson, and CEO, Nigel Railton, will leave their positions and the board. Allwyn expects Sir Keith Mills to be named as the new chair at the transaction's completion, subject to regulatory approvals.
“I would like to thank Sir Hugh and Nigel for their contribution to the success of the National Lottery,” Chvátal said. “I am delighted to appoint Clare and Neil as co-chief executives, both of whom have enormous experience in the operation of Camelot and the National Lottery.”
Confirmation of the clearance and management changes comes after Allwyn this month completed a deal to acquire Ontario Teachers' US-facing Camelot Lottery Solutions unit of firms.
By fLEXI tEAM