A consortium of An Post and British lottery operators Camelot will buy the 20-year licence for 405 million euro.
Half of that sum will be payable this December with the remainder coming next October when the 20-year term begins.
The remainder of the cash will go on capital projects - while a portion will be used against our national debt.
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Business Editor Ian Guider says at least half of the money will go towards paying off the national debt.
The government says 200 million euro of the license fee sale of the National Lottery will go towards building the new children's hospital.
Junior Minister Brian Hayes says it's not clear how much the Troika will demand from the sale:
