RAS Technology Holdings, the ASX-listed company that trades as Racing and Sports, said on 19 October 2026 that it had agreed to be acquired by The Press Association Limited, a subsidiary of PA Media Group, for A$1.04 per share in cash. The offer values RAS's equity at about A$49.8m and its enterprise value at about A$45.6m.
Why The Press Association Limited (PA Media Group) is buying RAS Technology Holdings Limited (Racing and Sports)
The PA said the two businesses had complementary strengths and global reach, and that combining RAS with its Podium racing and sports data business would give customers a wider range of data, deep wagering knowledge and coverage across more markets, and allow new products to be developed faster.
Deal terms and financing
The deal will be implemented by scheme of arrangement. The price is a 93% premium to RAS's close of A$0.54 on 16 October 2026 and an 80% premium to the 90-trading-day volume-weighted average price. The board unanimously recommends the scheme, subject to an independent expert's conclusion and no superior proposal, and co-founders Gary Crispe and Robert Vilkaitis, who hold or control about 34% of the shares, intend to vote in favour. The PA will fund the deal from existing cash and committed debt financing. The deed includes no-shop and no-talk restrictions, a matching right and a break fee of about A$0.5m.
Regulatory approvals and timing
The scheme requires RAS shareholder approval and approval by the Federal Court of Australia. It is not subject to due diligence, financing, FIRB or ACCC conditions. A scheme booklet is due in early December 2026, the scheme meeting is expected in late January 2027 and implementation in February 2027.
Market context
Founded in 1999, Racing and Sports supplies racing data and content to wagering operators and racing bodies including Entain, Flutter, Tabcorp, Bet365, Singapore Pools and the Hong Kong Jockey Club. The PA, whose group includes Alamy, Podium, StreamAMG and Hydrogen, has supplied racing coverage through Podium for more than 40 years.
