Allwyn has secured a major step in its international expansion, having completed its acquisition of Camelot UK from the Ontario Teachers’ Pension Plan Board (OTTPB).
As a result, Camelot has now become a wholly owned subsidiary of the pan-European lottery operator, as its other holding, Allwyn UK, prepares to assume management in 2024.
Allwyn UK is set to become National Lottery steward from 1 February 2024, having been awarded the Fourth licence by the UK Gambling Commission (UKGC) last year.
By acquiring Camelot UK – the outgoing National Lottery, under the third licence running until 31 January 2024 – Allwyn will assume control of the current licence via its new holding, as well as the fourth commencing in 12 months time.
The group first secured terms to acquire Camelot in November last year, detailing an objective to unite the third and fourth licences under one company, ensuring a smoother transition between the two.
Commenting at the time, Allwyn Group CEO Robert Chvatal said: “Allwyn and Camelot share a common goal: a passion to protect and improve the UK National Lottery and the good causes it celebrates.
“Common ownership of the operators of both the third and fourth licences will help ensure the successful delivery of the National Lottery both in 2023 and over the next decade.”
In the months since takeover terms were agreed, Chvatal was given additional interim responsibilities as CEO of Allwyn UK, charged with consolidating its UK lottery operations post-Camelot M&A.
Now that the takeover has been finalised, additional management changes have been announced – notably, Camelot Chief Financial Officer (CFO) Clare Swindell and Commercial Director Neil Brocklehurst have been named joint Co- CEOs of the company.
The duo will ‘lead Camelot through to the end of the third licence’ in January 2024. Meanwhile, Sir Keigh Mills will assume the role of Camelot Chairman from Sir Hugh Roberston.
Allwyn is not quite fully out of the woods on its UK National Lottery journey yet, however, as International Gaming Technology (IGT) reportedly maintains legal action against the UKGC’s decision to award the firm the fourth licence.
A legal challenge was launched by both Camelot and IGT following the licence judgement – Camelot would later drop its battle, paving the way for its takeover by Allwyn, but according to The Times, IGT continues to push its case in the courts.