Tabcorp (TAH) investor relations material

Deal rationale and strategic fit

• Accelerates transition to a modern, cloud-native technology stack, enabling rapid product development and operational efficiency.

• Establishes a global B2B growth engine by combining complementary wagering, media, and technology assets, expanding scale and diversification.

• Leverages BetMakers' entrepreneurial culture, AI capabilities, and digital transformation expertise to enhance product innovation and user experience.

• Enables a full suite of data, vision, and wagering products for operators and partners worldwide.

• Recognises the value of BetMakers' technology, customer relationships, and industry capabilities.

Financial terms and conditions

• Acquisition price is $0.24 per share, implying an equity value of $283 million and enterprise value of $267 million.

• Offer represents up to a 45.5% premium to pre-announcement closing price and 41–42% premium to recent VWAPs.

• Funded primarily with available cash and undrawn debt; up to 25% of consideration can be taken in scrip at a minimum $1.00 per share.

• Pro forma net debt to EBITDA expected at 1.9x as of December 2025, preserving financial flexibility.

• Scheme subject to no material adverse change or prescribed events for either party prior to completion.

Synergies and expected cost savings

• Targeting $30 million in annual cost synergies by end of year two, mainly from tech-based and corporate efficiencies.

• Synergies to come from workflow simplification, data center rationalization, and contract efficiencies.

• Additional upside from B2B revenue growth opportunities.

• Integration expected to deliver double-digit EPS accretion from year three.