Penn National closes $2bn Score Media and Gaming transaction

Penn National Gaming has confused pleasure at “creating this highly effective new leisure flywheel,” after finishing the acquisition of Score Media and Gaming in an $2bn money and inventory transaction.

The settlement was initially slated for completion through the first quarter of 2022 after first being detailed in August, nevertheless, following current approvals, together with that of the Supreme Court of British Columbia, that date has been introduced ahead considerably.

The deal will see Score shareholders obtain $17 in money and 0.2398 shares of PNG frequent inventory for every share, which means a complete buy consideration of $34 per every primarily based on a five-day quantity weighted common buying and selling worth as of July 30, 2021. 

Current PNG and Score shareholders will maintain roughly 93 per cent and seven per cent, respectively, of the corporate’s excellent shares. 

John Levy, chair and CEO of theScore, defined: “It is a very thrilling time to hitch Penn National and collaborate with their staff to construct a extremely modern and first-of-its-kind sports activities media and gaming firm. 

“There is pure alignment between the 2 firms, and we’re completely positioned to capitalise on the rising leisure alternatives throughout cell sports activities media, sports activities betting and on-line on line casino. 

“We consider the mixed firm is well-positioned to proceed rising our enterprise throughout North America, together with the anticipated opening of sports activities betting and igaming in Ontario later this 12 months.”

PNG says that the acquisition is meant to fortify its digital media and gaming technique, because the group appears to be like to create “an entire one-stop leisure vacation spot”.

Furthermore, it’s hoped that by pairing its newly bought entity with Barstool Sports will allow the group to generate heightened engagement and enhanced buyer acquisition and retention throughout its media and gaming properties.

“We’re excited to be creating this highly effective new leisure flywheel that can present us with a number of development channels that transcend our present enterprise verticals,” commented Jay Snowden, president and CEO of Penn National Gaming

“We sit up for getting into the Canadian gaming market, which represents a compelling new alternative, and are proud to have John Levy and his household and their whole staff convey their best-in-class expertise, distinctive perspective and talent units to our Penn National household.”

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