DraftKings Cleared to Go Public After Merger With Harry Sloan’s Diamond Eagle

Published on Apr 15, 2020

DraftKings Cleared to Go Public After Merger With Harry Sloan’s Diamond Eagle

Sports betting giant DraftKings has been cleared to become a public company following approval of a merger with SBTech and Diamond Eagle Acquisition, the public acquisition vehicle headed by industry veterans Harry Sloan and Jeff Sagansky.

Diamond Eagle Acquisition Corp., led by Sloan, announced Wednesday that it had received the approval from the Securities and Exchange Commission and is now moving to the final step in the process. An April 23 meeting has been scheduled for Deac shareholders to vote on the business combination with DraftKings and SBTech.

The deal is valued at $2.7 billion. Diamond Eagle will combine with DraftKings and SBTech to create what’s described as the only vertically integrated U.S. sports betting and online gaming company. Upon conclusion of the deal, the new DraftKings will become a publicly traded company under the new symbol of “Dkng” and become incorporated in Nevada. The new company will have more

Read full article at: Variety - Film News

Author: Dave McNary