DraftKings to acquire GNOG in $1.56bn deal
DraftKings has agreed to acquire 100% of Golden Nugget Online Gaming (GNOG) from Fertitta Entertainment, Inc in a $1.56bn all-stock deal that will see Tilman Fertitta join the DraftKings board.
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DraftKings will pay 0.365 newly issued shares for each common share of Golden Nugget Online Gaming.
GNOG’s chairman, chief executive and largest shareholder, Tilman Fertitta, who owns approximately 46% of the business, has agreed to continue to hold the DraftKings shares he will receive – worth more than $700m – for at least a year.
Fertitta – who will continue to own the Golden Nugget land-based business – will also join the DraftKings board.