Australia's Tattersall's buys Queensland govt lottery operator for 530 mln aud |
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Published
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Mon, 16 Apr 2007 02:51
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SYDNEY (XFN-ASIA) - Lotteries and poker machines operator Tattersall's Ltd said it has acquired the Queensland state government's lottery business, Golden Casket Lottery Corp, for 530 mln aud.The purchase will be financed by debt and is expected to be completed between May and June.Under the terms of the sale Tattersall's will retain Golden Casket's head office in Queensland and establish a national lottery center in Queensland which will oversee Tattersall's lottery businesses, while the state government will retain ownership of the lottery license and the Golden Casket brand.The state government will appoint Golden Casket as the licensed lottery operator until 2072 and grant it royalty free exclusive use of the Golden Casket brand for that period, as well as not issuing another lottery license until at least 2016 without compensation.Tattersall's chief executive Dick McIIwain said the combination of the Golden Casket and his firm's other state lottery businesses is a logical operational fit, and over time, will produce operating efficiencies.He said rhe combined business will deliver annual sales of more than two bln aud, constituting around 50 pct of total Australian lottery sales.McIlwain added the transaction is expected to increase earnings per share in the 2008 financial year.(1 usd = 1.20 aud)paul.daniel@xfn.com
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Australia's Tattersall's H1 net profit jumps 39.5 pct after UNiTAB merger 