iGaming Business – The Premier Lotteries consortium has completed the purchase of the licence to run the Irish National Lottery in a deal worth a reported €405 million ($558.9 million).

According to the Irish Times newspaper, the consortium involves An Post, a state-owned provider of postal services in Ireland, and Ontario Teachers’ Pension Plan, the owner of UK National Lottery operator Camelot.

The incoming operator will now begin a transition process, which will see it take control of the franchise in 12 months’ time.

As reported by iGaming Business in October 2013, Premier Lotteries had been named as the preferred bidder in the sales process.

Brendan Howlin, Minister for Public Expenditure and Reform, said Premier Lotteries had met all the essential requirements provided under the terms of the Government’s licence competition and submitted the highest bid.

“We have a new operator that brings together valuable domestic expertise together with international experience,” Howlin said.

“I think Premier Lotteries will grow the business in a responsible manner and we can look forward to a greater annual revenue stream for good causes.”

The first instalment of the upfront payment is due to be paid within 10 days of signing the contract, while the second part will be paid in nine months’ time.

Dermot Griffin, National Lottery boss and chief executive designate of Premier Lotteries, said the new operator would invest in the business and its retail network in order to provide “state of the art” technology to boost gaming innovation.

Under the terms of the licence, the new operator must roll out a new technology within the first 18 months of taking control.

SOURCE