Penn National to acquire theScore for $2.0bn as it seeks own platform

| By Daniel O'Boyle
Penn National Gaming has agreed a deal to acquire Canada-based theScore in a $2.0bn cash-and-stock deal, with chief executive Jay Snowden suggesting he plans 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%.

The deal is set to close in the first quarter of 2022.

Penn chief executive Jay Snowden said theScore would complement Penn’s existing Barstool brand of sportsbooks and online betting and gaming products.

Read the full story on iGB North America

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