The PA, the group that owns the UK and Ireland’s national news agency Press Association and the sports data business Podium, has agreed to buy ASX-listed RAS Technology Holdings for A$1.04 per share in cash, according to Small Caps’ report on the terms. The RAS Technology acquisition values the company at A$49.8m, with completion expected in February 2027.
The RAS Technology offer
The PA signed a binding Scheme Implementation Deed on 19 October 2026 to acquire 100% of RAS Technology Holdings Limited (ASX: RTH) through an Australian court-approved scheme of arrangement, according to The PA’s announcement.
Small Caps reported that the A$49.8m equity value is based on about 47.89 million RAS shares on issue. The price is a 93% premium to the A$0.54 closing price on 16 October and 80% above the 90-trading-day volume-weighted average price of A$0.576. Small Caps also reported an enterprise value of about A$45.6m and a break fee of about A$0.5m, payable by RAS in specified circumstances.
The RAS board has unanimously recommended that shareholders vote for the scheme. Founders Gary Crispe and Robert Vilkaitis, who together hold or control about 34% of RAS shares, have each said publicly that they intend to vote their shares in favour, subject to customary qualifications.
What each business brings
RAS was founded in 1999 and has been listed on the ASX since 2021. It is headquartered in Canberra, with operations in the UK, Hong Kong and Singapore, and supplies racing data, analytics, wagering technology and digital media. The PA said RAS has relationships with wagering operators and racing bodies across Australia and Asia.
Podium, part of Press Association Ltd, has covered racing for more than 40 years and serves more than 300 brands from offices in the UK and Singapore. The PA said Podium’s sports API will be combined with RAS’s trading services and its Wagering 360 platform to give media companies, bookmakers and rightsholders a single offering. The deal also takes The PA into the Australian betting and wagering market.
Other sports and wagering technology deals this year include two reported by TGE. Tabcorp agreed in August to buy BetMakers in an A$267m wagering technology deal, and Genius Sports completed its $1.2bn Legend acquisition in May.
Comments from both companies
Combined with The PA’s trusted heritage and Podium’s technology, this will enable us to develop new products faster and support the long-term growth of racing and the wider sports industry.
Emily Shelley, CEO, The PA, in a statement
This is an important step for Racing and Sports, our customers, our people, and our legacy.
Stephen Crispe, CEO, Racing and Sports, in a statement
Josh Sparke, Managing Director of Podium, said the two businesses have an opportunity to “create a stronger global proposition for racing and sport”. Podium and RAS will continue to operate as separate businesses until completion, The PA said.
Next steps
Small Caps reported that RAS expects to issue the scheme booklet and the independent expert’s assessment in early December 2026, and to hold the court-convened shareholder meeting in late January 2027. Implementation is targeted for February 2027, subject to the conditions in the deed, including approval from the Federal Court of Australia. Small Caps listed the other conditions as the required shareholder majorities, a favourable independent expert conclusion and no superior proposal.
Source: The PA
