The national lottery, Paris’s main airport operator and several other firms deemed not strategic could kick off a wave of French privatizations this autumn, banking sources with knowledge of the plans said.

The French finance ministry last month announced plans to sell 10 billion euros ($11.8 billion) worth of stakes in state-owned companies in order to raise money for a new fund to finance innovation, an election pledge of President Emmanuel Macron.

Banking sources told Reuters the first privatizations are likely to be launched between the end of this month and early October but will not include the defense, aerospace and nuclear industries. This would exclude companies like Thales , Safran , Airbus and EDF .

French national lottery company Fran├žaise des Jeux (FDJ) is likely to be high on the list for a partial privatization.

It is 72 percent state owned and investment banks have proposed several scenarios, including selling a stake to a content operator or another European lottery company.

With 26 million players and turnover of 14.3 billion euros last year, FDJ is Europe’s second-biggest lottery after Italy’s Lottomatica. FDJ declined to comment.