Ireland to raise 405 million euros from lottery license sale to joint venture
ReutersDUBLIN--Ireland has agreed to sell a 20-year national lottery operating license for 405 million euros (US$552 million) to a joint venture that includes the owner of British operator Camelot, Ireland's spending minister said on Friday.
October 5, 2013, 12:01 am TWN
The deal is the first step in a privatization drive agreed under Ireland's EU-IMF bailout that aims to bring in 3 billion euros, which will be used to pay down debt and to fund a jobs stimulus program.
A joint venture between Ireland's state-owned postal service, An Post, and Camelot's owner, the Ontario Teachers Pension Plan, has been selected as the preferred bidder with a deal due to be finalized by the end of the year, a government statement said.
An Post currently runs the lottery alone.