The PA Agrees £26 Million Takeover Of Racing And Sports Owner RAS Technology

The PA, the parent company of UK news agency the Press Association, has agreed to acquire Australian racing data and wagering technology supplier RAS Technology Holdings in an all-cash transaction valued at approximately AU$49.8 million (£26 million).

Announced on 19 October, the agreement will see The PA acquire 100% of the ASX-listed company, which operates the Racing and Sports business, for AU$1.04 per share. The offer represents a 93% premium to RAS Technology's closing share price of AU$0.54 on 16 October.

The proposed acquisition will bring Racing and Sports together with Podium, The PA's existing racing and sports betting data division, creating a broader technology and information offering for bookmakers, media organisations and sporting rights holders.

The transaction is expected to complete in February 2027, subject to shareholder approval, an independent expert's assessment and clearance from Australia's Federal Court.

RAS Technology Board Backs Acquisition

The acquisition will be implemented through a scheme of arrangement under a binding Scheme Implementation Deed, with the RAS Technology board unanimously recommending the proposal in the absence of a superior offer and subject to the independent expert's conclusions.

Company co-founders Gary Crispe and Robert Vilkaitis, who collectively hold or control approximately 34% of RAS Technology shares, have also indicated their intention to support the transaction.

Following the announcement, RAS Technology shares climbed approximately 85% to AU$1.00, reflecting the substantial premium offered by The PA. However, the proposed acquisition price remains below the AU$1.50 per share at which the company floated on the Australian Securities Exchange in November 2021.

Shareholders are expected to receive a scheme booklet in early December, ahead of a court-convened meeting provisionally scheduled for late January. The agreement also includes provisions covering competing offers, including matching rights and a potential break fee of approximately AU$500,000 under specified circumstances.

Racing And Sports To Join Podium Betting Data Business

The PA intends to combine the complementary capabilities of Racing and Sports and Podium, strengthening its position in the international racing and wagering technology market.

Podium provides racing and sports betting data services, including a sports application programming interface (API), while Racing and Sports brings trading capabilities and its Wagering 360 technology platform.

Together, the businesses are expected to offer customers a wider selection of data, trading services and wagering technology products, while extending The PA's commercial reach into the Australian betting market.

The PA Chief Executive Emily Shelley said the acquisition would allow the group to broaden its offering while maintaining the standards associated with both businesses.

“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 said.

She added that the combination would provide customers with access to more extensive data and wagering expertise across additional markets, while supporting faster product development and the long-term growth of horse racing.

Acquisition Targets International Growth

Podium Managing Director Josh Sparke welcomed the proposed transaction, highlighting the complementary nature of the two companies and the opportunities to develop their combined services.

RAS Technology Chief Executive Stephen Crispe also expressed support for the acquisition, describing it as an important development for the business and its future growth.

“The PA deeply shares our commitment to integrity, quality, and the importance of accurate, trusted live data that is needed to power the global racing industry,” Crispe said.

The transaction represents a significant expansion of The PA's betting data operations, providing access to Racing and Sports' established technology, customer relationships and Australian market presence.

Both businesses will continue operating independently until the acquisition receives the necessary approvals and formally completes.