Penn National Gaming has closed its US$2.0bn cash-and-stock acquisition of Canada-based operator theScore.
Penn announced the deal in August, revealing that it planned to migrate Penn’s betting products to a platform currently being built by theScore.
Penn will pay $17.00 in cash and 0.2398 shares – $17.00’s worth – of its stock for every theScore share, for a total consideration of $34.00 per share. This will mean that theScore shareholders will hold approximately 7% of the new combined business, while current Penn shareholders will hold the remaining 93%.
After receiving approval from the Canadian government and from theScore shareholders, the deal – originally set to close in Q1 of 2022 – has been completed much sooner than was anticipated.