A stake in Barstool Sports gives Penn National Gaming a leg up in the battle for the dynamic U.S. sports gambling market, writes Three_Guineas.
Penn National Gaming said on Jan. 29 that it would acquire a 36% stake in the sports and media platform Barstool Sports for around $163 million. The cash-and-stock deal values Barstool at about $450 million. Penn National will be Barstool's exclusive gaming partner for up to 40 years.
As a result of the deal the Chernin Group will reduce its ownership stake in Barstool to 36% from 60%. Barstool employees will hold the remaining 28%. In three years, Penn will increase its stake to around 50% with an incremental investment of about $62 million and will have options that could give it control over the company. Moelis advised Barstool.
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