Toronto-based Score Media and Gaming Inc. is a US-based Penn National Gaming Inc. Has been acquired in US $ 2 billion in cash and equity transactions.
The deal, announced Thursday, integrates ScoreMedia’s popular theScore mobile sports news app with betting services in four US states, bringing dozens of gaming and racing facilities across 20 Pennation states. I have.
The acquisition of Score Media and Gaming will be added to Penn National’s stake in sports media after purchasing a 36% stake in Barstool Sports Inc. in 2020.
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“We are excited to acquire theScore, Canada’s number one sports app and the third most popular sports app in North America,” Penn CEO Jay Snowden said in a release. Stated. “The Score’s unique media platform and state-of-the-art state-of-the-art technology strongly complement Barstool Sports and its popular personality and content reach.”
In this transaction, Score Media and Gaming shareholders will acquire $ 17 per share in cash plus 0.2398 Pennation shares per theScore share, halving the transaction in cash.
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The news of the deal was a mid-afternoon deal on the Toronto Stock Exchange, which raised the stock price of the score by more than 80% ($ 14.69) to $ 32.83.
John Levy, CEO of theScore, said in a statement that it was the right time to join a company with Pennation’s resources and size.
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“This deal brings together two companies that share a vision of how media and games intersect,” Levy said. “With Penn’s support, we will continue to invest in building our business, expanding our footprint, and expanding our workforce in Canada.”
Penn National said it plans to run theScore as a standalone business headquartered in its Toronto office.
The deal closes when Canada moves towards legalized single-event sports betting after the Senate passed bill C-218 in June.
The Ontario Alcohol and Games Commission says it expects an internet gaming market in the state by the end of the year.
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Toronto-based Score Media and Gaming Sold to Penn National for US $ 2 Billion Transaction
Source link Toronto-based Score Media and Gaming Sold to Penn National for US $ 2 Billion Transaction