The Press Association agrees A$49.8m deal to acquire RAS Technology

The Press Association (PA), a subsidiary of PA Media Group, has entered into a binding implementation agreement to acquire RAS Technology Holdings, the Australia-based owner of Racing and Sports, through an Australian court-approved scheme of arrangement. If the scheme is implemented, RAS shareholders would receive A$1.04 in cash for each share.

The A$1.04 per share price represents a 93% premium to RAS's closing share price of $0.54 on Friday. Based on the 47.89 million RAS shares currently on issue, the consideration implies an undiluted equity value of A$49.8m and an enterprise value of A$45.6m.

According to the announcement, every RAS director plans to cast a vote for the scheme, provided the same two conditions are met. RAS co-founders Gary Crispe, the executive director, and Robert Vilkaitis, the chief innovation officer, are included in that group; between them they hold or control 34 per cent of RAS's ordinary shares. The board's own recommendation to shareholders is unanimous, though it too depends on no better offer emerging and on an independent expert finding the scheme serves RAS shareholders' best interests.

The deal fits alongside Podium, The PA's current sports data operation, and would carry the UK group into Australia's betting and wagering sector. Emily Shelley, chief executive of The PA, described a shared dedication to trust and integrity at the two companies. In her view, their combined capabilities and international footprint would give customers more of what they value, and she listed data breadth, wagering expertise and market coverage among the benefits.

Andrew Twaits, who chairs RAS, called the scheme an attractive result for the company's shareholders and said the board's support for it was unanimous. He explained that the cash offer of $1.04 for every share carries a substantial premium over where the stock has traded lately. That price, he added, reflects what Racing and Sports has created in data, technology and media assets since its founding in 1999, and he expressed confidence that The PA is positioned to back the company's staff and clients in its next stage of growth.

Stephen Crispe, chief executive of Racing and Sports, described the agreement as a significant milestone for the company, its clients, its staff and its heritage. He said The PA genuinely shares the firm's dedication to integrity and quality and to live data that is accurate and trusted, which the global racing industry relies on. Pooling the two businesses, he said, would give customers a wider selection of products both current and new, expanded data choices, modern technology and dependable services, while preserving the know-how, relationships and sector experience on which each was established.

Podium managing director Josh Sparke said: "What excites me most is how naturally the two businesses complement each other." He said bringing together their strengths in data, technology, products and international markets would create an opportunity for a stronger global proposition for racing and sport, with greater expertise, capability and reach to support customers and open up new opportunities across international markets.

Canberra serves as RAS's home base; the company dates from 1999 and its shares have traded on the ASX since 2021. The deal is scheduled to close in February 2027, assuming standard conditions are met, among them sign-off from the Federal Court in Australia. Podium and RAS are to keep running independently until that point.

Shares in RAS Technology Holdings closed at A$1.00 in Sydney on Monday following the announcement, up 85.19%.