DraftKings, the Boston-based sports betting and entertainment company, said on Monday that it had agreed to a complex merger in which it will bring its stock public while combining with gambling technology firm SBTech.
The combined company will be headquartered in Boston, though it will be incorporated in Nevada, and chief executive Jason Robins will remain as leader of the company. The deal is expected to be complete in the first half of 2020.
“The combination of DraftKings’ leading and trusted brand, deep focus on customer experience and data science expertise and SBTech’s highly innovative and proven technology platform creates a vertically-integrated powerhouse,” Robins said in a statement.
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The deal values the combined company at $3.3 billion, and it will have $500 million on hand after the transaction, DraftKings said.
The transaction is happening through a deal with Diamond Eagle Acquisition Corp., a publicly traded entity known as a special-purpose acquisition company. Sometimes called “blank check” firms, these companies raise money to finance future transactions.
Andy Rosen can be reached at andrew.rosen@globe.com.
2019-12-23 12:23:22Z
https://www.bostonglobe.com/business/2019/12/23/draftkings-public-combine-with-tech-firm-sbtech/2vRbB9WPQdyu8uQwlHra2N/story.html
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