Canada-based Ontario Teachers' Pension Plan (OTPP) is set to acquire National Lottery operator Camelot in a deal expected to be worth £389m.

Completion of the purchase is subject to the approval of the UK lottery regulator, the National Lottery Commission, after Camelot shareholders agreed to sell their holdings to OTPP. OTPP - known colloquially as Teachers' - is the independent group currently responsible for administering the pension fund of 289,000 active and retired teachers in the Canadian city.

Lee Siena, Teachers' vice president of long term equities, said: "Teachers' takes a long-term view of its investments, providing an environment of stability, commitment and continuity in the businesses it invests in, and is committed to supporting Camelot's management team in delivering its plans for the business. "We maintain the highest standards in relation to management and governance, which we see as particularly important in the case of Camelot, given its unique role in raising money for the good causes."