This is Branson’s third attempt to own a piece of the lottery pie. In 1994, his rival People’s Lottery failed to win the contract. Then, in 2000 he again failed to win the lottery licence from Camelot.
Camelot is a lucrative investment for the Virgin Boss. It generates annual sales of about £5bn and is expected to be valued at more than £450m, creating a £90m windfall to each of the selling shareholders. Cadbury, banknote printer De La Rue, Japanese technology firm Fujitsu Services, and French aerospace firm Thales Electronics are exiting their investment. Royal Mail, the fifth investor, will retain its 20 per cent stake.
The new Camelot license will run for ten years. The sale is likely to take place in two stages. Branson will no doubt hope to win his shares in the first wave, within the next fortnight.Real Business will keep you posted.
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