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UK’s incoming National Lottery operator Allwyn Entertainment is in talks to buy former operator Camelot’s UK operations, the companies said in a joint statement on Saturday.

An agreement could be struck in the coming weeks, with a deal valued by up to 100 million pounds ($116.10 million), Sky News reported, citing sources.

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“Allwyn is engaged in advanced discussions with Ontario Teachers’ Pension Plan which may lead to it purchasing Camelot’s UK operations,” the companies said.

Britain in March named Allwyn as its preferred applicant to run the National Lottery, taking over from Camelot, which has held the license since its inception in 1994.

On Sept. 20, the company was awarded the fourth license to operate the National Lottery from February 2024. ($1 = 0.8613 pounds) (Reporting by Jyoti Narayan in Bengaluru, Editing by Louise Heavens)