On August 9th, DraftKings Inc. announced it reached an agreement to acquire Golden Nugget Online Gaming, Inc. The all-stock transaction has an “implied equity value” of roughly $1.56 billion.
As part of this deal, DraftKings also announced it entered into a commercial agreement with Fertitta Entertainment Inc., the organization that owns the Houston Rockets, Golden Nugget LLC, and Landry’s LLC. DraftKings said it expects this deal to generate $300 million in synergies at maturity.
“Our acquisition of Golden Nugget Online Gaming, a brand synonymous with iGaming and entertainment, will enhance our ability to instantly reach a broader consumer base, including Golden Nugget’s loyal ‘iGaming-first’ customers,” said Jason Robins, DraftKings’ CEO. “This deal creates meaningful synergies such as increased combined company revenues driven by additional cross-sell opportunities, loyalty integrations, and tech-driven product expansion as well as technology optimization and greater marketing efficiencies. We look forward to Tilman being an active member of our Board and one of our largest shareholders.”
DraftKings Inc. is a sports and entertainment company that was founded in 2012. It is one of the world’s leading sports betting technology providers.
(All information was provided by MarketWatch and Yahoo! Finance)
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