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FRENCH GAMBLING COMPANY Française des Jeux (FDJ) has agreed to purchase the operator of the National Lottery, Premier Lotteries Ireland (PLI), for €350 million from its three main shareholders.
The French gaming company announced it had signed the agreement to purchase the operator alongside its 6-month financial report yesterday. PLI were awarded a 20-year licence to operate the National Lottery in 2014.
FDJ said the take over of PLI – from its three main shareholders; Ontario Teachers’ Pension Plan from Canada, An Post and An Post Pension Fund – should take place in the second half of this year, subject to regulatory approvals.
The takeover will mean that, for the first time since its conception, there will be no state ownership in the National Lottery since it was privatised in 2014, as An Post leave its minor shareholder position (20%).
The National Lottery welcomed it announcement and assured customers that games will run as normal and that the acquisition will not impact its charitable ‘Good Causes’ scheme.
“The Irish National Lottery is and will continue to be, owned by the Irish State for the benefit of Good Causes, regulated by the Regulator of the National Lottery and operated by Premier Lotteries Ireland DAC,” it said in statement.
It was reported that the main shareholder of PLI, Ontario Teachers’ Pension Plan, announced it were looking to exit the Irish market in March of this year. The Canadian investing giant acquired PLI in 2014 for a report €405 million in 2014 when the operator was granted its licence.
The group is one of the largest international institutional investors. Managing director Iñaki Echave thanked An Post and PLI for their partnership over the nine years in a statement welcoming the acquisition yesterday.
“We also care about entrusting the company to the right new owner and believe that a highly reputed international, like-minded lottery company as FDJ is well positioned to help PLI continue its success story,” Echave added.
An Post yesterday said it welcomed the sale of the PLI to FDJ with An Post CEO and National Lottery Director, David McRedmond, adding the successful bid was “a positive outcome for Ireland and for the National Lottery”.
We wish FDJ every success with this important business,” McRedmond added.
Chair of PLI Vivienne Jupp thanked the shareholders for their work and welcomed the bid from FDJ.
Jupp added that PLI “looks forward to the next chapter of growth” with FDJ and hopes it can continue to “operate a responsible, world-class lottery for the people of Ireland”.
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More gambling, more exploitation, thanks to the Labour Party who sold off this three-card trick.to speculators who care little about where their profits come from.
@Jim O’Sullivan: Im investing in a few shares from La Française des Jeux SA, more chance to make some money than with with the National Lottery :)
@Anonymous User: Take a look at the 3 month chart on that one.
@Modern Irish Dad: that’s past information
So Canadians got there dosh and then some now the french want a piece and An post jump ship ,, you couldn’t make it up
@Trent: That phrase ‘you couldn’t make it up’ is a pointless, trite and worn-out cliché.
@Sean O’Dhubhghaill: You make a very compelling argument there Sean – with regards to the usage of the term ‘you couldn’t make it up’ – in the context of course, of… the National Lottery being sold to a French gambling company. Some people say… ‘oh you shouldn’t police other people’s language, it’s not nice – blah-blah-blah-blah-blah” … but… I think you have shown, here today – that it CAN be done – with great skill and thoughtfulness – and to be honest, with extraordinary insight. Thank you, Sean.
@Sean O’Dhubhghaill: much like the Irish selling assets to foreign companies.
Pitty we couldn’t offload RTE, we only sell off actually profitable assets of the state
@Dave C: There’s a thought. Loads of fluent Irish speakers in Germany – I wonder if anyone there would be interested in bidding for RTÉ? Make it a commercial success and it would be a great relief for licence holders who could spend a quarter of the money on channels they actually watch.
Why dont we just IDK , buy it back ourselves. We have a massive budget surplus and at the least it would be an asset returning to the state. Which can ensure money generated it put into local community projects.
Same with the toll roads.
@Hurrly 90: then people will be giving out who gets the jobs.
Nice to see An Post defined benefit pension fund is being well looked after. #twotiers
@zephyrum: it appears nothing of value to rhe state or profitable venture can be retained by the state as we appear unable to run any enterprises preferring to let other actors profit. With the new fdj owners being a gambling company mean no adverts or lotto bingo being show.
Why cant the Government buy this with Tax payers money and use the profits every year for ever on homelessness or reopening all the closed Garda Stations etc.?
@Michael Mc Gee: The Government only sold it about 6-7 years ago, so they have no intention of buying it. The money they received for it (i think about 500 million) about half of it was allocated to finance the New Children’s Hospital, and we all know how well that money was spent..
And another thing, whoever did up this Sale Contract should have been sacked, as they made the big error where they said “a portion of unclaimed prize money can be used for other means such as adverting”, instead of putting definitive limit, so this private company uses about 95% of unclaimed money on National Lottery advertising, thats why there is that stupid National Lottery Ad in every 15 minute ad break on RTE. IN fact, any unclaimed prize money should be rolled over or donated to charity, thats what should have been in the contract.
They can have RTE, HSE and CIE as well if they like, cos all three are billion euro failures
Does this mean an extra number will now be added to the existing 47? Probably. If only Carlsberg did lotteries! At least there might be beer prizes…
Hmmmmm. Better than those shady… SHIFTY retired Canadian teachers, I suppose.
Wondering Will our new French lottery overlords go on a yellow top Strike if they can’t get a French person to do Telebingo
well that’s it now , if you EVER Win on a french Scratch card you’ll need to match either 3 Baguettes 3 Berets or 3 Onions
@Trent: Eiffel for that! I didn’t really, but it was too good an opportunity to pass up…
Like everything in the Country it’s been sold already,a Canadian company owned that,was it 2 years that the big up roar was about the money not matching every week when it wasn’t been won.that time there was to be draws that people won a million if they had most of the numbers,that was the end of it then,it was like the scratch cards,spin the wheel,that ended because they were sold to the company,ud never hear of anyone winning decent money on the scratch cards,this Country,Europe,the rest of the world every government is so corrupt,and with this climate change,that been pushed like the Covid,so the people will have no say,new world order is not a conspiracy,but your labeled as mad for even thinking it
@Kathleen Peters: part owned it,an post owned it too.
I find it very hard to play a lottery whose profits go Out of the Country. Simply, IT Doesn’t add up and is Wrong!!!
@Mick Hanna: Just as well it’s optional!
If you can’t win the lottery then buy it. Simples.
I hear Eau de Cologne are putting in a €25 bid for Uisce Eireann……
Time to put a stop to it
They paid €405 million in 2014.
China
The French are definitely wnning this Brexit thing.
I’m still hoping the National Lottery will provide me with my pension fund.
That’ll be another number or two added to the play balls!
have your say