
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 its leader. The deal is expected to be completed 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.
Advertisement
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 12:23:30Z
https://www.bostonglobe.com/business/2019/12/23/draftkings-public-combine-with-tech-firm-sbtech/2vRbB9WPQdyu8uQwlHra2N/story.html
CBMigQFodHRwczovL3d3dy5ib3N0b25nbG9iZS5jb20vYnVzaW5lc3MvMjAxOS8xMi8yMy9kcmFmdGtpbmdzLXB1YmxpYy1jb21iaW5lLXdpdGgtdGVjaC1maXJtLXNidGVjaC8ydlJiQjlXUFFkeXU4dVF3bEhyYTJOL3N0b3J5Lmh0bWzSAZABaHR0cHM6Ly93d3cuYm9zdG9uZ2xvYmUuY29tL2J1c2luZXNzLzIwMTkvMTIvMjMvZHJhZnRraW5ncy1wdWJsaWMtY29tYmluZS13aXRoLXRlY2gtZmlybS1zYnRlY2gvMnZSYkI5V1BRZHl1OHVRd2xIcmEyTi9zdG9yeS5odG1sP291dHB1dFR5cGU9YW1w
Bagikan Berita Ini
0 Response to "DraftKings to go public, combine with tech firm SBTech - The Boston Globe"
Post a Comment