Jay Snowden, President and Chief Executive Officer of Penn National, comments, “We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America. Penn National expects to fund the approximately US$1 billion cash portion of the consideration using existing cash on its balance sheet.
Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the Company’s outstanding shares. The transaction has been unanimously approved by the boards of directors of both companies and is currently expected to close in the first quarter of 2022. Under the terms of the agreement, theScore shareholders will receive US$17.00 in cash and 0.2398 shares of Penn National common stock for each theScore share, which implies a total purchase consideration of US$34.00 per theScore share based on Penn National’s 5-day volume weighted average trading price as of July 30, 2021. Penn National Gaming and Score Media and Gaming have entered into a definitive agreement whereby Penn National will acquire theScore, a digital media and sports betting and technology company, for approximately US$2.0 billion in cash and stock.
