The offer is a 93% premium to RAS’s pre-announcement share price and would add its managed trading service, now live with LeoVegas Group in Sweden and the UK, to Podium.
The PA, the UK-based owner of racing data supplier Podium, has agreed to buy ASX-listed RAS Technology Holdings Limited, which trades as Racing and Sports, in an all-cash deal announced on 19 October. It is PA Media Group’s second racing data acquisition in Asia-Pacific in three years, after it bought Singapore-based iRace Media in October 2023.
Deal terms and timetable
RAS shareholders will receive A$1.04 in cash per share, a 93% premium to the company’s closing price of A$0.54 on 16 October. Based on the roughly 47.89 million RAS shares on issue, the offer implies an equity value of about A$49.8 million.
The deal will run as an Australian court-approved scheme of arrangement, with completion expected in February 2027, subject to a shareholder vote and Federal Court approval.
| Deal at a glance | Details |
|---|---|
| Buyer | The Press Association (The PA), part of PA Media Group |
| Target | RAS Technology Holdings Limited (ASX: RTH), trading as Racing and Sports |
| Offer | A$1.04 per share in cash |
| Premium | 93% to the A$0.54 close on 16 October 2026 |
| Implied equity value | About A$49.8 million |
| Structure | Court-approved scheme of arrangement |
| Key conditions | Shareholder approval, independent expert’s report, Federal Court approval; no due diligence or financing condition |
| Shareholder support | Unanimous board recommendation; founders with about 34% intend to vote in favour |
| Expected completion | February 2027 |
The RAS board has unanimously recommended the scheme, provided no superior proposal emerges and an independent expert concludes it is in shareholders’ best interests.
Co-founders Gary Crispe and Robert Vilkaitis, who together hold or control about 34% of RAS shares, intend to vote in favour.
RAS chair Andrew Twaits said the price recognised the value of the data, technology, and media assets the business has built since 1999.
Shareholders are due to receive a scheme booklet with the independent expert’s report in early December, ahead of a vote expected in late January 2027.
Podium and Racing and Sports to combine
If the scheme goes ahead, RAS will be combined with Podium, which was rebranded from PA Betting Services in November 2024, a year after the iRace Media acquisition.
The PA plans to pair Podium’s sports API with RAS’s trading services and Wagering 360 platform to serve bookmakers, media companies, and rightsholders, and said the deal would expand its business into the Australian betting and wagering market. The two businesses will operate separately until completion.
Emily Shelley, chief executive of The PA, said:
‘The PA and Racing and Sports share a commitment to trust and integrity. The businesses’ complementary strengths and global reach will offer customers more of what they value: a wider range of data, deep wagering knowledge and coverage across more markets.’
RAS results and the LeoVegas contract
RAS, founded in 1999 and listed on the ASX since 2021, operates from Australia, the UK, Hong Kong, and Singapore. In its results for the year to 30 June 2026, the company reported revenue up 34% to A$28.4 million and annualised recurring revenue (ARR) up 8% to A$23.5 million. ARR was lower than at the half-year after its contract with Stake ended.
In Europe, RAS won a full racing solution contract with LeoVegas Group after a UK tender. The service launched in May 2026 with LeoVegas Sweden, and the group’s largest racing brands, LeoVegas UK, BetUK, and BetMGM, were onboarded after the financial year ended.
