The acquisition will give the Health Lottery the marketing muscle to take on The National Lottery, run by Camelot.
More details are expected next week, including which national television channel will host the weekly draw for cash prizes.
Northern & Shell bought Channel 5 last year but there is no definitive indication that this will be the chosen TV channel.
The Health Lottery is run by CEO Martin Hall and was devised to help generate extra cash for local health charities across Great Britain and support projects that fall outside the remit of the NHS.
The donations are administered by a totally independent charitable trust and the beneficiaries chosen by local health interest groups will fund vital health-related causes right across Britain.
Tickets for the lottery will be available from local retailers across Great Britain and online.
Camelot managing director Martin Pugh left the company earlier this month.