Allwyn has confirmed it has officially completed its acquisition of Camelot UK from the Ontario Teachers’ Pension Plan Board (OTPPB).
Finalisation of the agreement arrives two weeks after it received regulatory approval from the UK Gambling Commission (UKGC), and less than four months after a potential £100m deal was first publicly addressed by the parties.
Camelot has now become a wholly-owned subsidiary of the pan-European lottery operator, whose UK division (Allwyn UK) is preparing to assume management in 2024.
Allwyn UK will take control of the fourth UK National Lottery licence on Feb. 1, 2024, but will also now assume control of the current licence that was previously held by Camelot, which will continue to be operated separately in accordance with the terms of the third licence.
Camelot UK addressed several changes to its Board and Management team last month following regulatory approval of its proposed acquisition, and these have now been confirmed in its latest update.
Sir Keith Mills has been appointed as the company’s new Chair, replacing Sir Hugh Robertson who previously announced that he was stepping down from the role.
Meanwhile, Clare Swindell and Neil Brocklehurst, currently Camelot’s Chief Financial Officer and Commercial Director, respectively, have been appointed joint Co-Chief Executives and will lead Camelot through to the end of the third licence in January 2024.