By Reuters Staff
(Reuters) -Penn National Gaming Inc has agreed to buy Canadian digital media and sports-betting firm Score Media and Gaming Inc in a cash-and-stock deal worth nearly $2 billion, the companies said on Thursday.
Under the deal, Scores shareholders will get $17 in cash and 0.2398 shares of Penn National for each share held. That implies a per-share value of $34, which represents a premium of nearly 87% to the stocks last closing price on the Nasdaq.
The deal should lead to significant savings in third-party platform costs and allow us to broaden our product offerings, Penn National Chief Executive Jay Snowden said in a statement.
Score will operate as a standalone business based in Toronto, the companies said.
Goldman Sachs & Co and Code Advisors LLC were the financial advisers to Penn National, while Morgan Stanley & Co and Canaccord Genuity Group were the financial advisers to Score.read more
Penn National to buy sports-betting firm Score Media in $2 billion deal – Reuters
