Acquisition will support the global racing and sports data betting industry, complementing The PA’s sports data arm, Podium.  

The Press Association (PA) has entered into an agreement to acquire RAS Technology Holdings, the Australia-based owner of Racing and Sports.

A subsidiary of PA Media Group, UK-based The PA has entered into a binding implementation agreement to acquire RAS Technology via an Australian court-approved scheme of arrangement.  

If the Scheme is implemented, RAS shareholders will receive A$1.04 in case for each share, representing a 93 per cent premium to RAS’ closing share price of $0.54 on Friday.

Based on the 47.89 million RAS shares currently on issue, the Scheme consideration implies an undiluted equity value of A$49.8 million, and an enterprise value of A$45.6 million.

The transaction will see the racing and sports data and technology business complement The PA’s existing sports data arm, Podium.  

The acquisition will also see an expansion of The PA’s business into the Australian betting and wagering market.

“The PA and RAS share a commitment to trust and integrity,” said Emily Shelley, CEO of The PA. “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. 

“Combined with The PA’s trusted heritage and Podium’s technology, this will enable us to develop new products faster and support the long-term growth of racing and the wider sports industry.”

The RAS Board has unanimously recommended that shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to an independent expert concluding that the scheme is in the best interests of RAS shareholders.

Subject to the same qualifications, each RAS director intends to vote in favour of the Scheme, alongside  RAS co-founders, Gary Crispe (executive director) and Robert Vilkaitis (chief innovation officer), who together hold or control 34 per cent of RAS’s ordinary shares.

“The RAS Board is unanimous in its view that the Scheme represents an attractive outcome for RAS shareholders,” said RAS chair Andrew Twaits. “The all-cash price of $1.04 per share, at a significant premium to recent trading prices, recognises the value of the data, technology and media assets Racing and Sports has built since 1999.

“The PA has a long heritage in racing data, and we believe it is well placed to support our people and customers through the next phase of growth.”

Headquartered in Canberra, RAS was founded in 1999 and has been listed on the Australian Securities Exchange (ASX) since 2021.

“This is an important step for Racing and Sports, our customers, our people, and our legacy,” said Racing and Sports CEO Stephen Crispe. “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.  

“Together, we will offer our customers a broader range of existing and new products, more expansive data options, innovative technology and reliable services, all while retaining the expertise, relationships and industry knowledge that both businesses have been built upon.”  

Podium managing director Josh Sparke added: “What excites me most is how naturally the two businesses complement each other. By bringing together our respective strengths in data, technology, products and international markets, we have an opportunity to create a stronger global proposition for racing and sport. 

“We share a commitment to delivering accurate, timely and trusted services, and together we will have greater expertise, capability and reach to support our customers, accelerate product innovation and open up new opportunities across international markets.”    

Completion of the transaction is expected in February 2027, subject to the satisfaction of customary conditions, including the approval of the Federal Court in Australia.

Until completion, Podium and RAS will continue to operate as separate businesses.  

Shares in RAS Technology Holdings Ltd (ASX:RAS) soared 85.19 per cent to close at A$1.00 per share in Sydney following the announcement Monday.