Tabcorp Holdings (ASX:TAH) struck a deal to acquire Betmakers Technology Group (ASX:BET) for AU$0.24 per share, or an enterprise value of about AU$267 million, according to a Monday filing with the Australian bourse.

Under the deal, BetMakers shareholders can elect to receive part of their consideration in Tabcorp shares, subject to an aggregate cap of 25% of the total transaction consideration, a minimum Tabcorp issue price of AU$1.

Based on the issue price, a maximum of 70.7 million Tabcorp shares could be issued for the deal, representing 3.1% of its issued shares, per the filing.

The acquisition is expected to be EPS accretive from the second year and double-digit EPS accretive from the third year, Tabcorp said. It added that the deal will boost its operating efficiency while accelerating the modernization of the company's wagering technology stack.

The companies hope to implement the transaction during the third quarter of fiscal 2027, subject to approvals from BetMakers shareholders and regulators.