The PA agrees A$49.8m takeover of racing data firm RAS

The PA, the parent group behind UK media business Press Association and sports data unit Podium, has agreed terms to buy all issued shares in Australian horseracing data firm Racing and Sports (RAS) Technology, according to EGR.

The agreement, structured as a binding scheme implementation deed, values RAS at A$1.04 per share, or roughly 54p, putting the total deal at A$49.8m.

Once completed, RAS will be merged with Podium, giving the combined business a deeper catalogue of racing and sports data and a stronger international footprint, EGR reported.

The tie-up also hands The PA a direct foothold in Australia's gambling sector, an entry point it did not previously have through Podium alone.

In a statement cited by EGR, The PA said the deal would widen the product range on offer to customers, extend coverage across more territories and speed up the rollout of services built around client needs, alongside ongoing investment in its underlying technology.

The A$1.04 offer price represents a 93% premium to RAS's closing share price of A$0.54 on 16 October, and an 80% premium against the stock's 90-trading-day volume-weighted average of A$0.576.

RAS's board has backed the scheme unanimously, on the condition that no rival bid emerges and that an independent expert confirms the deal serves shareholders' interests.

RAS co-founders Gary Crispe and Robert Vilkaitis, who between them hold or control close to 34% of the company's shares, have signalled they will vote for the acquisition.

PA chief executive Emily Shelley said the two 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," adding that pairing The PA's heritage with Podium's technology would let the group "develop new products faster and support the long-term growth of racing and the wider sports industry."

RAS chief executive Stephen Crispe called the agreement "an important step for Racing and Sports, our customers, our people and our legacy," and said 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."

Podium and RAS will keep operating independently until the transaction closes, which The PA expects by February 2027, pending standard approvals including clearance from the Federal Court of Australia.

RAS has traded on the Australian Securities Exchange since 2021.