fbpx
Big Law

Penn National Announces Plans to Acquire theScore for $2 Billion

Shares of Score Media and Gaming, which operates theScore, closed up 79.9% Thursday after Penn National announced it’s acquiring the company for $2 billion in cash and stock options. Shares of Penn National closed up 9%.

The deal increases Penn National’s reach in North America, since Score Media and Gaming has positioned itself to leverage the Canadian mobile sports betting marketplace.

Penn National said Score Media and Gaming shareholders will receive $17 in cash and 0.2398 shares of its common stock for each theScore share, bringing the total share price to $34.00.  Penn National estimates the acquisition will provide adjusted EBITDA growth in two years, an incremental $200 million medium-term adjusted EBITDA, and $500 million of incremental long-term adjusted EBITDA upside.

Read the source article at cnbc.com

Leave a Review or Comment

Back to top button