French lottery operator La Française des Jeux (FDJ) will take over the Irish National Lottery after striking a deal worth €350m ($384m). The agreement for Premier Lotteries Ireland (PLI) will mean that FDJ will hold exclusive Irish Lottery rights until 2034.

The three shareholders in PLI are selling off their stakes as a result of the transaction. The Ontario Teachers’ Pension Plan (OTPP) is the main shareholder, with An Post and the An Post Pension Fund both junior partners.

OTTP purchased the company for €405m ($444m) in 2014, receiving a 20-year license in the process. The latest acquisition will need approval from the Regulator of the National Lottery before it can go ahead.

strengthens Ireland’s ties to its nearest EU neighbour”

Commenting on the deal, National Lottery Director and An Post CEO David McRedmond said: “FDJ’s industry expertise will be hugely beneficial to the future operation, and strengthens Ireland’s ties to its nearest EU neighbour.”

The most recent annual report for the National Lottery featured €1.05bn ($1.15bn) in sales for 2021, which was an all-time record. Of the total sum, €586m ($643m) went towards prizes and €304m ($334m) to good causes.