Penn National Gaming completes theScore acquisition

| By Daniel O'Boyle
Penn National Gaming has closed its US$2.0bn cash-and-stock acquisition of Canada-based operator theScore.

Penn announced the deal in August, revealing that it planned to migrate Penn’s betting products to a platform currently being built by theScore.

Penn will pay $17.00 in cash and 0.2398 shares – $17.00’s worth – of its stock for every theScore share, for a total consideration of $34.00 per share. This will mean that theScore shareholders will hold approximately 7% of the new combined business, while current Penn shareholders will hold the remaining 93%.

After receiving approval from the Canadian government and from theScore shareholders, the deal – originally set to close in Q1 of 2022 – has been completed much sooner than was anticipated.

Read the full story on iGB North America

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