The Supreme Court of British Colombia has issued a final order approving the deal between Penn National Gaming and theScore, which will see the Penn acquire theScore.
The agreement is expected to be finalized by 19 October 2021 subject to closing conditions being met.
Penn first agreed a deal for theScore back in August – in a $2.0bn cash-and-stock deal which would see Penn migrate its betting products to an upcoming theScore platform.
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.
theScore shareholders will hold approximately 7% of the new business, with current Penn shareholders holding the remaining 93%.
Shareholders of theScore then gave the bid their approval earlier this month, with 99.6% of shareholders voting in favour of the deal. Minister of Canadian Heritage, under the Investment Canada Act, has also approved the acquisition.
theScore has also been developing its own platform since July as part of a wider overhaul of operations.
The deal follows the legalization of single-event sports betting in Canada which was approved back in June.
