UK's Press Association to acquire ASX-listed racing-data firm RAS Technology
What's the deal? The Press AssociationDealroom has a profile for this one. Try Dealroom →, part of UK-based PA Media GroupDealroom has a profile for this one. Try Dealroom →, has agreed to acquire Racing and Sports Asia (RASA)Dealroom has a profile for this one. Try Dealroom →, the business behind ASX-listed RAS Technology Holdings (ASX:RTH), in an all-cash scheme of arrangement. The deal value was not disclosed, but the offer sits at a premium to recent trading levels. RAS's board has unanimously recommended the scheme.
What does RAS do? The Canberra-region company has built racing data, wagering technology and media services since the late 1990s. Its clients include Entain, Flutter, Bet365Dealroom has a profile for this one. Try Dealroom →, the Hong Kong Jockey Club, and Tabcorp.
Why PA Media? PA Media is not new to the sector. Through its Podium division, it has supplied racing data to bookmakers and broadcasters for more than four decades, giving it a specialist's view of cost savings and cross-selling opportunities a generalist market may overlook.
Why now? The offer arrives as RAS expands from racing data into wagering technology and services. In 2025 it bought six Hong Kong racing-media and data businesses for about US$2.59M; those assets had generated US$2.33M in FY24 revenue. RAS reported 34% year-on-year annual recurring revenue growth to US$15.9M at December 2025.
What changes? RAS has also signed a four-year Tabcorp data-and-content contract worth US$5.89M plus indexation, and a full racing-solutions deal with LeoVegas. The acquisition folds that international platform into a larger specialist owner.
How is it structured? The scheme has no due diligence condition and no financing condition, and requires neither Foreign Investment Review Board nor Australian Competition and Consumer Commission approval. That removes hurdles that often slow cross-border takeovers. A shareholder vote early in the new year and Federal Court approval are the remaining steps before implementation.
The signal: The gap between RAS's trading price and the offer says as much about how the market valued a thinly traded niche player as it does about the bid itself. For RAS, it marks the point where an international specialist chose to buy the platform it had been building rather than compete with it.
Read more: kalkinemedia.com
Image credit: Mike Boswell
