Toronto-based Score Media and Gaming, and its sports data and news app theScore, has today announced that Penn National Gaming has received regulatory approval from the Minister of Canadian Heritage for the acquisition of the company.
The merger acquisition, which is expected to be completed by October 19, has been approved under the Investment Canada Act, which allows for the purchasing of companies such as theScore by way of a plan of arrangement.
The sports company is set to hold a virtual meeting on Tuesday, October 12 to discuss the details and terms of said arrangement. During the webcast, Score Media shareholders and appointed proxyholders will be able to submit questions on procedural matters and vote on the acquisition.
While the purchase is likely to go ahead, it remains subject to total approval from theScore’s shareholders. Furthermore, Penn National must receive a final order in respect of the arrangement from the Supreme Court of British Columbia, and satisfaction or waiver of the other conditions to closing contained in the arrangement agreement.
Score Media and Gaming, via its app theScore, is designed to provide scores, news, stats, and betting information from popular sports leagues. The company also operators a sportsbook named theScore Bet, which is currently operational in New Jersey, Colorado, Indiana, and Iowa.
Penn National Gaming currently operates 43 properties across 20 states; these feature approximately 50,000 gaming machines, 1,300 table games, and 8,800 hotel rooms. The company also operates the Barstool Sportsbook platform.