On Monday, the Press Association (PA), which operates the UK news agency of the same name, announced its agreement to acquire RAS Technology Holdings. RAS is an ASX-listed company known for providing racing data and wagering technology through its subsidiary, Racing and Sports.
Emily Shelley, CEO of the PA, stated that the acquisition would enhance the offerings available to customers by providing a broader range of data, in-depth wagering knowledge, and extended market coverage. "The PA and Racing and Sports share a commitment to trust and integrity. The businesses’ complementary strengths and global reach will offer customers more of what they value," Shelley remarked.
The all-cash deal is valued at approximately AU$49.8 million, or around £26 million. The Press Association is set to acquire shares at AU$1.04 each, representing a 93% premium over RAS’s closing price of AU$0.54 as of October 16. Additionally, this offer reflects an 80% premium compared to the stock’s 90-day volume-weighted average price of AU$0.576.
Following the announcement, RAS shares surged by about 85% to AU$1.00, according to Stockhead. However, this offer is still below RAS’s initial public offering price of AU$1.50 per share back in November 2021.
The acquisition will proceed via a scheme of arrangement under a binding Scheme Implementation Deed, where the PA will purchase 100% of RAS’s issued shares. Final completion of the deal is anticipated in February 2027, contingent upon approval from RAS shareholders and the endorsement of Australia’s Federal Court.
The RAS board has unanimously backed the proposed scheme, provided no superior proposal emerges and is contingent upon the findings of an independent expert. Co-founders Gary Crispe and Robert Vilkaitis, who collectively control about 34% of RAS shares, have indicated their intention to vote in favor of the deal. The agreement also includes exclusivity provisions and a matching right for the buyer, along with a break fee of about AU$0.5 million under certain conditions.
RAS shareholders will receive a scheme booklet, which will contain the independent expert’s report, in early December, ahead of a court-convened meeting expected in late January, as reported by Australian media.
Upon completion, Racing and Sports will join Podium, the PA’s racing and sports betting data division. The PA expects that integrating Podium’s sports API with RAS’s trading services and Wagering 360 platform will enhance the product lineup for bookmakers, media, and rights holders. This move also marks an expansion for the PA into the Australian wagering market.
Shelley expressed that the merger would enable the businesses to develop new products more rapidly and facilitate long-term growth in racing. Podium’s managing director, Josh Sparke, commented on the synergy between the two companies, stating, "what excites me most is how naturally the two businesses complement each other."
Stephen Crispe, CEO of Racing and Sports, called the acquisition "an important step," emphasizing that the PA shares RAS’s dedication to integrity, quality, and the necessity of reliable live data in the global racing sector.
Until the acquisition is finalized, both companies will continue to operate independently. Further comments from both the PA and RAS are pending.
