Daily fantasy sports group DraftKings has announced that they're set to merge with , with the new resulting company to list on the Nasdaq exchange.
The deal will see an acquisition company named Diamond Eagle Acquisition Corp purchasing DraftKings, and will take on the latter's name once the purchase is completed. The purchase is expected to be completed in the first half of next year, and the company will be re-incorporated in the state of Nevada. The combined company will have an equity capitalization of about $3.3 billion, with more than $500 million in cash in the bank.
Commenting on the agreement investor Harry Sloan said, "We are pleased to bring DraftKings and SBTech together as one public company. DraftKings is already a premier online fantasy sports and betting platform. With the full integration of SBTech's technology and innovative product expertise coupled with the right capitalization, DraftKings will be in a great position to continue its ambitious expansion plans in the United States.
"I have known Jason Robins for four years, and consider him a true entrepreneur. I believe our investors share my utmost respect for his vision and leadership."
We'll inform readers as we learn more about the deal.