Tatts wins 40-year South Australia contract
“The extension of Tatts Lotteries business into South Australia is a logical and natural expansion of our lottery businesses in Queensland, New South Wales, the Northern Territory, Victoria, Tasmania and the Australian Capital Territory,” said Dick McIlwain, Chief Executive Officer for Tatts. “It continues our track record of securing higher margin lottery franchises with longer term arrangements and is expected to be immediately earnings per share accretive.”
“The South Australia lotteries transaction is another opportunity to repeat the successes Tatts achieved when we bought Queensland’s Golden Casket in 2007 and New South Wales Lotteries in 2010 on similar post synergy transaction multiples. They have seen Tatts Lotteries’ earnings before interest, tax, depreciation and amortisation increase from us$ 36.5 million in fiscal year 2007 to us$ 234 million in fiscal year 2012, a compound annual growth rate of 45%,” he concluded.
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