The PA has agreed to acquire 100% of the issued shares in Australian horseracing data supplier Racing and Sports (RAS) Technology, as part of a binding scheme implementation deed (SID).
At A$1.04 (54p) per share, the total value of the deal is A$49.8m.
The PA, parent company of UK-based media firm Press Association and sports data business Podium, will combine RAS with Podium to provide customers with a wider range of racing and sports data.
PA will also expand its presence into the Australian gambling market as a result of the transaction.
A PA statement read: “Customers will have access to a broader range of products, wider international coverage and faster development of services tailored to their needs.
“Continued investment in technology will support expansion into new markets and the long-term development of racing and the wider sports industry.”
Assuming the acquisition goes through, RAS shareholders will receive $1.04 cash per share, which is a 93% premium on RAS’s last closing price of A$0.54 on 16 October and an 80% premium on the 90-trading day volume-weighted average price of A$0.576.
The RAS board has unanimously recommended the scheme, provided there is no superior proposal and an independent appraiser deems it to be in the shareholders’ best interests.
RAS founders Gary Crispe and Robert Vilkaitis, who together hold and/or control roughly 34% of shares, intend to vote in favour of the acquisition.
Emily Shelley, PA CEO, said: “The businesses’ complementary strengths and global reach will offer customers more of what they value: a wider range of data, deep wagering knowledge and coverage across more markets.
“Combined with The PA’s trusted heritage and Podium’s technology, this will enable us to develop new products faster and support the long-term growth of racing and the wider sports industry.”
Stephen Crispe, RAS CEO, added: “This is an important step for Racing and Sports, our customers, our people and our legacy.
“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.
“Together, we will offer our customers a broader range of existing and new products, more expansive data options, innovative technology and reliable services, all while retaining the expertise, relationships and industry knowledge that both businesses have been built upon.”
Until the deal is finalised, which is expected to be in February 2027, Podium and RAS will continue to operate as separate businesses.
The purchase is subject to customary conditions including Federal Court of Australia approval.
RAS has been listed on the ASX since 2021.
The post The PA to acquire Australian horseracing supplier for A$49.8m first appeared on EGR Intel.
Press Association and Podium parent company agrees to purchase 100% of issued shares in ASX-listed RAS Technology, with completion set for February 2027
The post The PA to acquire Australian horseracing supplier for A$49.8m first appeared on EGR Intel.