Camelot, the operator of the UK National Lottery, announced that it has agreed to sell the company to a Canadian pension fund Ontario Teachers' Pension Plan for an estimated £389 million. However, the deal needs to be cleared by the National Lottery Commission. OTPP offered to buy Camelot last month.

The board of Camelot said that five major shareholders of the company have agreed to sell the company to the Ontario Teachers' Pension Plan. The five shareholders who supported the deal are De La Rue, Fujitsu, Royal Mail, Thales and Cadbury. The shareholders refused to sell the company to private equity firm CVC Capital Partners, which also offered to buy the national lottery operator.

"We welcome Teachers' commitment to the National Lottery's ongoing success, and look forward to the opportunity of working with them," said Dianne Thompson, chief executive of Camelot.

The acquisition of Camelot is the third British acquisition for the Canadian firm since 2007. OTPP acquired a 48% stake in Birmingham airport from Australian investment bank Macquarie for £420 million in 2007. Also it raised its stake from 35.5% to 49% in Bristol airport in December last year. OTPP is one of the largest institutional investors in UK.