The PA agrees takeover of Racing and Sports owner RAS Technology
The PA, the group behind UK news agency the Press Association, announced on Monday that it has agreed to acquire RAS Technology Holdings, the ASX-listed owner of racing data and wagering technology supplier Racing and Sports.
The PA chief executive Emily Shelley said the deal would give customers “a wider range of data, deep wagering knowledge and coverage across more markets”.
“The PA and Racing and Sports share a commitment to trust and integrity. The businesses’ complementary strengths and global reach will offer customers more of what they value,” she noted.
The deal is all cash and worth about AU$49.8 million (around £26 million). The Press Association is offering AU$1.04 per share, a 93% premium to RAS’ closing price of AU$0.54 on 16 October. Grafa reports that the offer is also an 80% premium to the stock’s 90-day volume-weighted average price of AU$0.576.
RAS shares jumped about 85% to AU$1.00 after the announcement, Stockhead reported. The offer is still below the AU$1.50 per share at which RAS floated on the ASX in November 2021.
RAS board fully behind deal
The deal will be carried out through a scheme of arrangement under a binding Scheme Implementation Deed. The PA will acquire 100% of RAS’ issued shares. Completion is targeted for February 2027, subject to a shareholder vote and approval from Australia’s Federal Court.
The RAS board has unanimously recommended the scheme, in the absence of a superior proposal and subject to an independent expert’s findings. Co-founders Gary Crispe and Robert Vilkaitis, who together hold or control around 34% of RAS, have said they intend to vote in favour. The deed also reportedly includes exclusivity provisions and a matching right for the buyer. As well as a break fee of around AU$0.5 million payable by RAS in certain circumstances.
RAS shareholders are expected to receive a scheme booklet, including the independent expert’s report, in early December. That is ahead of a court-convened meeting planned for late January, according to Australian media reports.
Podium pairing
Racing and Sports will sit alongside Podium, The PA’s racing and sports betting data arm. The PA said Podium’s sports API, combined with RAS’ trading services and Wagering 360 platform, would give bookmakers, media and rightsholders a fuller set of products. It would also expand The PA’s business into the Australian wagering market.
Shelley added that the combination would allow the business to “develop new products faster” and support the long-term growth of racing. Podium managing director Josh Sparke said what excited him most was “how naturally the two businesses complement each other”.
Racing and Sports’ chief executive, Stephen Crispe, described the deal as “an important step”.
“The PA deeply shares our commitment to integrity, quality, and the importance of accurate, trusted live data that is needed to power the global racing industry,” he explained.
The two businesses will continue to operate separately until the deal completes.
Both The PA and RAS have been contacted for further comment.