The Minister of Canadian Heritage has given Penn National Gaming approval under the Investment Canada Act to acquire Toronto-based operator theScore.
Penn agreed to acquire theScore in a $2.0bn cash-and-stock deal in August, with chief executive Jay Snowden suggesting at the time that he plans to migrate Penn’s betting products to a platform currently being built by theScore.
Penn will pay $17.00 in cash and 0.2398 shares – $17.00’s worth – of its stock for every theScore share, for a total consideration of $34.00 per share.