On Monday, the Press Association (PA) announced its agreement to acquire RAS Technology Holdings, a publicly listed company on the ASX that owns racing data and wagering technology provider Racing and Sports.
Emily Shelley, PA’s chief executive, highlighted that this acquisition would enhance customer options by providing "a wider range of data, deep wagering knowledge and coverage across more markets."
She emphasized the shared dedication to trust and integrity between PA and Racing and Sports and noted that their combined strengths and global reach will amplify the value offered to customers.
The deal is an all-cash transaction valued at approximately AU$49.8 million (about £26 million). The Press Association proposed AU$1.04 per share, which represents a significant 93% premium over RAS’s closing stock price of AU$0.54 recorded on October 16. According to reports from Grafa, this offer also reflects an 80% premium over the stock’s weighted average price of AU$0.576 over the last 90 days.
Following the announcement, RAS shares surged nearly 85%, reaching AU$1.00. However, this offer remains below the AU$1.50 per share that RAS was valued at when it debuted on the ASX in November 2021.
The acquisition will proceed through a scheme of arrangement under a binding Scheme Implementation Deed, with the PA set to purchase 100% of RAS’s issued shares. The completion is anticipated by February 2027, contingent upon shareholder approval and clearance from Australia’s Federal Court.
In a show of support, RAS’s board has unanimously recommended the scheme, provided there are no superior offers and contingent on an independent expert's assessment. Co-founders Gary Crispe and Robert Vilkaitis, who together hold around 34% of RAS, have expressed their intent to vote in favor of the deal. The agreement also includes exclusivity provisions alongside a matching right for the PA, and a break fee of about AU$0.5 million may apply to RAS under specific conditions.
Shareholders of RAS are expected to receive a scheme booklet in early December, which will include the independent expert’s report, ahead of a court-convened meeting set for late January, as reported from Australian media sources.
Once completed, Racing and Sports will join Podium, PA’s existing racing and sports betting data division. The PA has stated that the integration of Podium’s sports API with RAS’s trading services and Wagering 360 platform will provide bookmakers, media, and rights holders with a more comprehensive suite of products. This move will also enable PA to extend its presence in the Australian wagering market.
Shelley remarked that this partnership would facilitate the quicker development of new products and nurture the long-term growth of racing. Podium’s managing director, Josh Sparke, expressed enthusiasm at the synergies between the two businesses, noting their natural alignment.
Stephen Crispe, CEO of Racing and Sports, termed the agreement as “an important step,” reiterating that PA shares the commitment to maintaining integrity and the necessity of accurate, reliable live data crucial for the global racing industry.
Until the deal is finalized, both PA and RAS will continue to operate independently. Further comments from both organizations have been sought but are pending.
