British bookmaker Betfred said it has won a government auction to buy the Tote for £265 million, (€300 million), ending a lengthy saga over the betting group’s privatisation.

“Betfred is pleased to confirm that it has entered into binding contracts with the Secretary of State for the Department of Culture, Media and Sport to acquire the Tote for £265 million,” it said in a statement.

“As part of the transaction, Betfred will be awarded an exclusive seven-year licence to operate pools betting on UK racecourses and is acquiring the Tote’s 517 shops and online businesses.”

Betfred will pay net proceeds of more than £180 million, excluding debt and pension contributions. The cash will be spilt equally between the government and the horse racing industry.

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