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UK's next National Lottery operator Allwyn acquires Camelot UK

PRAGUE (Reuters) - European lottery group Allwyn Entertainment, set to run UK's National Lottery, agreed to buy former operator Camelot's UK operations, the company said on Saturday.

Allwyn did not disclose the value of the acquisition, previously estimated at up to 100 million pounds ($118.84 million). It said the transaction was expected to close in the first quarter of 2023, subject to regulatory approvals.

"Allwyn and Ontario Teachers' Pension Plan Board today announced Allwyn has agreed to acquire Camelot UK Lotteries Limited," the company said.

Britain in March named Allwyn as its preferred applicant to run the National Lottery, taking over from Camelot, which has held the licence since the lottery's inception in 1994.

On Sept. 20, the company was awarded the fourth licence to operate the National Lottery from February 2024.

($1 = 0.8415 pounds)

(Reporting by Robert Muller; Editing by Catherine Evans)