Tabcorp acquires BetMakers in $267M deal

• Tabcorp agreed to purchase BetMakers for an implied enterprise value of $267 million.
• The $0.24 cash offer represents a 45.5% premium for target shareholders over the previous close.
• The company stated the acquisition will upgrade its technology stack and deliver cost synergies.

Tabcorp (ASX:TAH) will acquire BetMakers (ASX:BET) for $0.24 per share, valuing the enterprise at $267 million.

The cash offer delivers a 45.5% premium to the previous closing share price of $0.165.

"The acquisition of BetMakers will accelerate our strategy across multiple areas," said Tabcorp CEO Gillon McLachlan.

Tabcorp stated that the integration is expected to generate $30 million in annual cost synergies.

Following the announcement, the Tabcorp share price was unchanged at $0.89, while BetMakers’ share price was $0.16.

The transaction bolsters the broader corporate strategy by securing an established international business-to-business platform.

Eligible target shareholders maintain the flexibility to receive up to 25% of their total consideration in stock.