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The Score
US$2b

Canaccord Genuity Acts as Financial Advisor to Score Media and Gaming on its US$2.0 Billion Sale to Penn National Gaming

Canaccord Genuity is pleased to announce that on August 5, 2021, Score Media and Gaming, Inc. (“Score”, “theScore”, or the “Company”) (TSX: SCR; Nasdaq: SCR) announced that they have entered into a definitive agreement whereby Penn National Gaming, Inc. (“Penn National” or “Penn”) (Nasdaq: PENN) will acquire theScore for approximately US$2.0 billion in cash and stock (the “Transaction”). The transaction unites theScore and Penn National to create the first-of-its-kind vertically integrated media and omni-channel gaming business, which brings together world-class technology, highly engaging sports content and unparalleled reach.

Under the terms of the definitive agreement, theScore shareholders will receive US$17.00 in cash and 0.2398 shares of Penn National common stock for each Score share, which implies a total purchase consideration of US$34.00 per Score share based on Penn National’s 5-day volume weighted average trading price as at July 30, 2021. Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the combined entity’s outstanding shares.

This Transaction is the culmination of over a decade long relationship between theScore and Canaccord Genuity which has been marked by numerous successful financings, advisory mandates and most recently a US$168m NASDAQ IPO in March 2021.

Canaccord Genuity acted as joint financial advisor to theScore. The Canaccord Genuity team included Dan Daviau, Michael Kogan, Todd Radons, Daniel Li, Daniel Lin, and Matt Walker.

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