The PA To Buy Racing And Sports Owner RAS Technology
The Press Association Limited, known as The PA, has agreed to buy RAS Technology Holdings, the ASX-listed owner of racing data supplier Racing and Sports. The two sides signed a binding Scheme Implementation Deed on October 19, 2026, according to RAS's announcement to the ASX.
The deal follows a busy run of betting-industry transactions such as Matchbook's purchase of Betdaq, and RAS shareholders will receive A$1.04 in cash per share.
That is a 93% premium to the A$0.54 close on October 16, 2026 and an 80% premium to the 90-trading-day volume weighted average price of A$0.576. On the 47.89 million shares in issue, the price implies an undiluted equity value of about A$49.8 million and an enterprise value of about A$45.6 million.
The PA is a subsidiary of PA Media Group. It will fold RAS into its existing racing and betting data business, which trades under the Podium name.
What The PA Is Buying
RAS was founded in 1999 and supplies racing data, wagering technology and racing media and digital services to the global racing and wagering industries. Its client list in the announcement includes Entain, Flutter, Tabcorp, Betr Entertainment, bet365, Singapore Pools, the Australian Turf Club, the Hong Kong Jockey Club and Racing Victoria.
The PA says its own racing heritage runs for more than 40 years. Through Podium it supplies racing and sports data, content and products to betting sites, broadcasters and the wider industry, and the group says Podium is used by more than 300 brands. Its portfolio also includes Alamy, StreamAMG and Hydrogen.
Board And Founder Backing
The RAS board unanimously recommends the scheme, in the absence of a superior proposal and subject to an independent expert concluding that it is in shareholders' best interests. Each director intends to vote in favour on the same basis.
Co-founders Gary Crispe and Robert Vilkaitis, who together hold or control about 34.0% of RAS shares, have given written confirmation that they intend to vote in favour. RAS chair Andrew Twaits said the board believes the all-cash price recognises the value of the data, technology and media assets built since 1999.
The PA chief executive Emily Shelley said the businesses share a commitment to trust and integrity and that the combination will give customers a wider range of data, deep wagering knowledge and coverage of more markets.
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Conditions And Timetable
The scheme needs approval from RAS shareholders by the required majorities under the Corporations Act 2001 and from the Federal Court of Australia. Other conditions include no court or regulatory order blocking the deal, no material adverse change and the cancellation or settlement of all RAS options and performance rights. It is not subject to due diligence, financing, FIRB or ACCC conditions.
The PA expects to fund the price from existing cash and committed debt financing. The deed includes customary no-shop, no-talk and no-due-diligence restrictions, plus a matching right for The PA. RAS may have to pay a break fee equal to 1% of the equity value, about A$0.5 million, in set circumstances.
A Scheme Booklet with the independent expert's report is expected to reach shareholders in early December 2026. A court-convened shareholder meeting is pencilled in for late January 2027 and implementation for February 2027, though RAS says the dates are indicative only.
Sports data supply is also drawing regulatory attention elsewhere. Altenar lodged EU and UK complaints against Sportradar on October 14, as we reported.
