UK Edition
One of the world’s biggest buyout funds is backing Czech billionaire Karel Komárek’s bid to seize the National Lottery from current operator Camelot.
Wall Street investment firm Apollo Global Management has agreed to invest €500m (£450m) into Mr Komárek’s company Sazka Group.
The Czech, worth an estimated $3.8bn (£2.9bn), confirmed last month that his business will bid to run the National Lottery after the current licence expires in 2023.
Watford-headquartered Camelot, which was sold to a Canadian pension fund in 2010, has run the National Lottery since its launch in 1994 - fending off competition in previous tenders from Sir Richard Branson’s firm Virgin Group.
Sazka’s interest in the UK showpiece was first revealed by The Sunday Telegraph last year and comes amid a scramble to run what is seen as an immensely lucrative trophy asset.
Apollo’s investment will be used for “growth opportunities in Europe and North America, with a focus on lotteries”, Sazka said.
Mr Komárek said: “With support from Apollo, my team will take the business to the next level.”
James Kim, a partner at Apollo, described Sazka as “one of Europe’s leading private lottery operators”.
Apollo launched a bid for bookmaker William Hill over the summer. It is now believed to have turned its attention to acquiring the FTSE 250 company’s European operations, after William Hill's board backed a rival takeover offer from Las Vegas casino operator Caesars Entertainment.