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Score Media and Gaming Acquired by Penn National Gaming in $2.1 Billion Transaction
- Client News
- October 19, 2021
Paul, Weiss advised Score Media and Gaming Inc., also known as theScore, in its $2.1 billion cash-and-stock sale to Pennsylvania’s Penn National Gaming, Inc., which owns and operates casinos and racetracks, and has a 36% ownership interest in Barstool Sports. theScore is a leading Toronto-based digital media and sports betting and technology company with Canada’s most popular sports app and the third-most popular sports app in North America. The combination will create North America’s leading digital sports content, gaming and technology company.
Under the terms of the transaction, theScore shareholders received $17.00 in cash and 0.2398 shares of Penn National common stock for each theScore share, which implies a total purchase consideration at closing of approximately $36.50 per theScore share.
The Paul, Weiss team included corporate partner Adam Givertz and counsel Christian Kurtz; tax partner Brian Krause; executive compensation partner Jean McLoughlin; litigation partners Andrew Finch, Andrew Gordon, Catherine Nyarady and Jeannie Rhee, and counsel Jacobus Schutte; intellectual property partner Charles Googe; antitrust counsel Marta Kelly and Yuni Sobel.