DraftKings to acquire GNOG in $1.56bn deal
| By Daniel O'Boyle
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.
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.
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