Penn National Gaming to buy Barstool Sports app for $2 B

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- Barstool Sports owner Penn National Gaming Inc. said it would buy Score Media Gaming Inc. for about $2 billion in cash and stock, moving to expand into the fast-growing North American sports betting market.

Toronto-based ScoreMedia's app, called theScore, is the top sports and sport media app in Canada with no competition. 3 in North America, Penn National said in a statement released Thursday. Since 2019 the companies have had strategic partnership and collaboration.

'We are now uniquely positioned to manage our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that doesn't exist, Penn National Chief Executive Officer Jay Snowden said in the statement.

Score shares were halted for premarket trading. Penn national increased 2.7% to $68 at 7: 27 a.m. in New York.

Score shareholders will receive $17 in cash and 0.2398 of a Penn National share for each score share.

Goldman Sachs and Code Advisors are financial advisors to Penn National, with Wachtell, Lipton, Rosen Katz and Blake, Cassels Graydon as legal advisers. Score is getting financial advice from Morgan Stanley and Canaccord Genuity Group, and legal advice from Paul, Weiss, Rifkind, Wharton Garrison and McCarthy Ttrault. Score Ltd. is an independent financial adviser to Greenhill Co. Canada Ltd.