BetMakers Technology Group Limited, an Australian wagering technology firm backed by influential bookmaking figure Matthew Tripp, has joined the queue to acquire Tabcorp’s racing and wagering arm.
The BetMakers proposal, made public Friday, values the lucrative business segment at AU$4 billion and if accepted would see Tabcorp receive AU$1 billion in cash sourced through debt financing and another AU$3 billion worth of newly issued BetMakers shares.
The number of new shares issued would be fixed at the time a transaction is agreed and priced at a 15% premium to the traded price of BetMakers prior to signing, the company said. Based on the 10-day volume weighted average price as of 26 May 2021, the Indicative Proposal would provide Tabcorp shareholders with a 65% interest in the combined BetMakers and Tabcorp Wagering and Media business.
“Over the past few years, BetMakers has been focussed on growing an international footprint to position itself as a world-leading data and technology products and services provider that can deliver commercial benefits for the two critical pillars of the racing world: racing bodies and wagering operators,” said BetMakers CEO Todd Buckingham.
“The potential acquisition of Tabcorp’s Wagering and Media business represents an exciting opportunity for BetMakers to deliver transformational growth and realise the value of these new assets in line with this strategy.
“Building on BetMakers’ success to date, the Combined Entity would be a compelling investment proposition as one of the most broadly deployed global racing networks in the market. We are uniquely placed to pursue commercial opportunities globally, and in particular, in the United States.
“TAB and Sky Racing have a strong wagering brand, and we believe that BetMakers is uniquely positioned for an opportunity to grow and further enhance the business both in Australia and globally.”
The BetMakers proposal follows two previous proposals from UK sports betting and iGaming giant Entain PLC to acquire Tabcorp’s Wagering & Media business for AU$3 billion – later upgraded to AU$3.5 billion – and an AU$4 billion offer from Apollo Global Management for both the Wagering & Media business and the Gaming Services business.
Tabcorp is in the midst of a strategic review aimed at establishing the true values of all of the company’s business segments.
The post Australian betting technology firm BetMakers proposes AU$4 billion takeover of Tabcorp’s Wagering and Media arm appeared first on IAG.
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