Penn National Buy Thescore Bookmaker For $ 2 Billion
Penn national gaming, who owns barstool sports, announced that he signed the final agreement on the acquisition of the score media and gaming, the owner of therecore, about $ 2.0 billion in cash and promotions.
The deal was unanimously approved by the board of directors of both companies, and currently expected to be closed in the first quarter of 2022. Upon completion of the transaction, the current shareholders of penn national and thescore will own approximately 93% and 7% of the company’s issued shares respectively. Penn national experts to finance the moneytary part of the remuneration of about $ 1 billion at the expense of cash on its balance sheet.
Jay snowden, president and chief executive officer, told in a press release about this new purchase.
"When we add a unique integrated platform for media and rates and modern, modern technologies to the huge audience of barstool sports, its extremely popular personalities and content, we will create a leading digital sports content in north america, a game and technological company, "snowden predicted. "We expect that the acquisition of score will provide an increase in the corrected ebitda of the 2nd year, an additional medium-term corrected ebitda indicator for $ 200 million and the potential of additional long-term corrected ebitda growth by $ 500 million".
He added that "users will like a unique mobile platform for sports and icasino rates with custom rates and advanced rates in games, as well as very exciting, personalized sports and entertainment content, as well as results and statistics in real time. We believe that this powerful new flywheel will lead to the best in its class involvement and deduction ".