Penn National acquires theScore for $2 billion, earning access to Canada's betting market

announced Thursday morning it's acquiring the company for $2 billion in cash and stock options. Shares of Penn National were down about 4% in premarket trading.

Penn National said theScore shareholders will receive $17 in cash and 0.2398 shares of its common stock for each theScore share, bringing the total share price to $34.00. Penn National estimates the acquisition will provide adjusted EBITDA growth in two years, an incremental $200 million medium-term adjusted EBITDA, and $500 million of incremental long-term adjusted EBITDA upside.Penn National also backs the Barstool Sports app, which it purchased in 2020 for $450 million.

TheScore transitioned into its role as a digital-based outlet in 2012 when it sold its broadcast business to Rogers Communications for $167 million. It built a sports gaming and media division and attempted to leverage its mobile app user base into a competitive sports betting business. The company launched theScore Bet app for mobile wagers in 2019, and this year made its debut on the Nasdaq.

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