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Shareholders in the British National Lottery operator Camelot have agreed to sell the company to a Canadian pension fund, Sky News sources say.The firm is set to be bought by the Ontario Teachers Pension Plan. Camelot is expected to announce the deal, which will see another well-known British company fall into overseas ownership, on Friday morning.
The Lottery operator's five shareholders (Cadbury, which is now owned by Kraft; De La Rue, Fujitsu, Royal Mail and Thales) have agreed to sell the company for a price of just under £400m. Sky City editor Mark Kleinman said: "Their decision will frustrate CVC Capital Partners, the private equity firm.
"It had tabled a rival bid backed by an all-star British cast of businessmen and at least one sporting icon, Sir Matthew Pinsent."
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