A CANADIAN GROUP called the Ontario Teachers’ Pension Plan (OTPP) has formally taken over the running of the Irish National Lottery.
OTPP, which also owns the Camelot Group, has teamed up with An Post and An Post pension funds, to take over the operation for the next 20 years.
The takeover, which will see a first installment of €405 million paid over to the State in the next few days, was given the welcome mat by Public Expenditure Minister Brendan Howlin today. He said that he was “very pleased” at the move and that he believed the new operators would combine “valuable domestic experience together with international expertise”.
OTPP is worth over $130 billion and is Canada’s largest single-profession pension plan. It owns Camelot, which runs the UK Lottery along with other lotteries worldwide. An Post remains involved in the operation of the lottery.