An Post and the operators of the UK National Lottery are in line for a €405m (US$551.6 million) buyout of the Ireland National Lottery after Public Expenditure Minister said the consortium was the preferred applicant.
Brendan Howlin said the bid by Premier Lotteries Ireland, a consortium consisting of An Post and its pension funds and the Camelot group who operate the UK lottery, "had met the Essential Requirements and has submitted the highest License Fee proposal".
Discussion on finalizing a deal will begin in the coming weeks and conclude by the end of the year. The deal will commence October 2014 and will run for 20 years, a statement from the minister's department revealed.
The ongoing annual contribution to Good Causes will be set at 65pc of Gross Gaming Revenues and the €405m payment will be payable in two installments, the second of which will be made in October next year.
The sales come as part of an agreement between the Government and the Troika to raise €3bn from the selling off of State assets.
The An Post National Lottery Company currently holds the lottery license.