Penn National Gaming is all set to acquire Score Media and Gaming, a popular Toronto-based sports betting platform, for a whopping $2 billion.
Penn National released an official statement according to which the company will pay the shareholders $32 in a mix of cash and stock. The shareholders of Score Media will receive $17 in cash per share and a small percentage of 0.2398 shares in the Penn National common stock for every stock held by the shareholder. At the end of the transaction, Penn National will end up with more than 93 percent of shares in Score Media and Gaming, whereas Score shareholders will hold the remaining shares. President and CEO of Penn National, Jay Snowden, has stated that the Score will play an important role for their company because it compliments their investment in the sports betting segment. Unlike Penn National, Score Media has had all its platforms developed in-house, and they can truly prove to be the missing piece for Penn. Score Media can help Penn to establish itself as the industry leader, and soon the company will also be terminating its contracts with other 3rd party platforms. Snowden furthermore added that the latest transaction would give the company more control over its tech stack.
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