The Press Association (PA) has agreed to acquire Racing and Sports, an Australian company that provides data and technology to the racing and betting industries.
The deal is subject to approval by RAS shareholders and the Federal Court of Australia.
Under the agreement, the PA will pay A$1.04 ($0.73) in cash for each RAS share, valuing the company at approximately A$49.8m.
The offer is 93% higher than RAS’s closing share price of A$0.54 on October 16 and 80% above its average share price over the previous 90 trading days, which was A$0.576.
The deal values RAS at approximately A$45.6m after accounting for its A$4.2m in net cash as of June 30, 2026. This figure excludes A$0.1m in lease liabilities.
The RAS board unanimously recommends that shareholders vote in favor of the scheme, provided no superior proposal emerges and the independent expert concludes that the transaction is in shareholders’ best interests.
Co-founders Gary Crispe, an Executive Director, and Robert Vilkaitis, Chief Innovation Officer, hold or control approximately 34% of RAS shares. Both have confirmed in writing that they intend to vote in favor, subject to the same conditions.
Emily Shelley, CEO of The PA, said: “The businesses’ complementary strengths and global reach will offer customers more of what they value: a wider range of data, deep wagering knowledge and coverage across more markets.”
The scheme requires approval from RAS shareholders and the Federal Court of Australia, as well as a favorable conclusion from the independent expert. Other conditions include the absence of certain material adverse changes and the resolution of all outstanding options and performance rights.
The transaction is not subject to due diligence, financing, Foreign Investment Review Board (FIRB) or Australian Competition and Consumer Commission (ACCC) approval conditions.
The PA expects to fund the purchase through existing cash resources and committed debt financing. The agreement includes exclusivity provisions, a matching right for The PA and a break fee of 1% of the implied equity value, approximately A$0.5m, payable by RAS in certain circumstances.
Founded in 1999, RAS supplies racing data, wagering technology, media and digital services to the global racing and betting industries. The PA provides racing and sports data, content and products to bookmakers, broadcasters and other industry clients through its Podium business.
The agreement covers 5,687,010 options and 1,342,405 performance rights, which must be converted into shares, settled in cash, or lapse or be cancelled before the scheme takes effect
