Penn National Gaming completes acquisition of Score Media and Gaming
On October 19, 2021, Penn National Gaming, Inc. (“Penn National”) completed its previously announced acquisition of Score Media and Gaming Inc. (“theScore”) for a total consideration of approximately US$2 billion in cash and stock.
Under the terms of the agreement announced on August 5, 2021, theScore shareholders received US$17.00 in cash and 0.2398 shares of Penn National common stock for each theScore share held. Penn National funded the approximately US$1 billion cash portion of the consideration using existing cash on its balance sheet.
Following closing of the transaction, Penn National and theScore shareholders hold approximately 93% and 7% respectively, of the company’s outstanding shares.
Further information can be found on Business Wire’s website.
Score Media and Gaming is a leading digital media and sports betting and technology company, empowering millions of sports fans through its digital media and sports betting products. Its media app ‘theScore’ is one of the most popular in North America, delivering fans highly personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players. The company’s sports betting app ‘theScore Bet’ delivers an immersive and holistic mobile sports betting experience and is currently available to place wagers in New Jersey, Colorado, Indiana and Iowa. It also creates and distributes innovative digital content through its web, social and esports platforms.
Penn National is an omni-channel provider of retail and online gaming, live racing and sports betting entertainment, with the nation's largest and most diversified regional gaming footprint, including 43 properties across 20 states.