Penn National completes acquisition of Barstool stake
Penn National Gaming (PNG) has finalised its acquisition of a 36% stake in digital sports media company Barstool Sports for a total consideration of approximately $163m (£126.2m/€150.7m).
Announced last month, the acquisition forms part of a wider agreement between the two parties, which also included PNG becoming Barstool’s exclusive gaming partner for up to 40 years.
In addition, PNG secured the sole rights to utilise the Barstool brand for all of its online and retail sports betting and online casino products.
PNG, which runs 41 gambling facilities across 19 US states, funded the purchase using $135m in cash and $28m in non-voting convertible preferred stock.