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US – Penn National Gaming completes 36 per cent purchase of Barstool Sports

Penn National Gaming has completed its previously announced acquisition of a 36 per cent interest in Barstool Sports for total consideration of approximately $163m, comprised of approximately $135 million in cash and $28 million in non-voting convertible preferred stock.

Pursuant to the transaction terms, Penn National is now Barstool Sports’ exclusive gaming partner and has the sole right to utilize the Barstool Sports brand for all of its online and retail sports betting and iCasino products. Penn National will increase its ownership in Barstool Sports to approximately 50 per cent after three years (or earlier, at Penn National’s election) with an incremental investment of approximately $62m, consistent with the implied valuation at the time of the initial purchase, and has a path to establish control and full ownership of Barstool Sports. Upon closing, Penn National designated Senior Vice President, Chief Strategy Officer, Chris Rogers and Senior Vice President, Interactive Gaming, Jon Kaplowitz, to join Barstool Sports’ seven-member board of directors. Reflecting the close of the transaction, entities affiliated with The Chernin Group now own approximately 36 per cent of Barstool Sports with the remaining approximately 28 per cent held by Barstool Sports’ current and former employees.

Jay Snowden, President and Chief Executive Officer of Penn National, said: “Since announcing our groundbreaking partnership with Barstool at the end of January, we have seen first-hand the power of the Barstool brand to generate significant consumer interest and increased engagement between Barstool, their loyal audience of ‘Stoolies’ and our own nationwide platform of 41 properties in 19 states. Our two teams have hit the ground running and are working on plans to roll out the Barstool Sportsbook brand through both our retail sportsbooks and our interactive products.

"Darüber hinaus setzt unser interaktives Produktentwicklungsteam seine Arbeit zur Einführung unserer neuen Sportwetten-App fort, die für August geplant ist. Penn National teilt die Aufregung von Dave Portnoy, Erika Nardini und dem gesamten Team von Barstool Sports und freut sich darauf, den branchenweit besten Omni-Channel-Anbieter für Einzelhandels- und Online-Spiele sowie Sportwetten-Unterhaltung zu schaffen. "