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Tatts Group Limited (ASX:TTS) has won the exclusive rights to manage the lottery and Keno service in South Australia on behalf of the government owned Lotteries Commission of South Australia.
The agreement will span 40 years and see Tatts pay an upfront consideration of $427 million, to be funded from existing debt facilities and be immediately earnings per share accretive.
Chief Executive of the gaming group says the transaction represents another opportunity to repeat the success from its Queensland Golden Casket and NSW Lotteries acquisitions.
The appointment is expected to take effect on 10 December.
In the 2012 financial year, Tatts Group generated a net profit of $319 million.
