After DraftKings announced its decision to go public via SPAC in December 2019, it is now time for acquire Golden Nugget Online Gaming (GNOG) to go public.
In an all-stock transaction deal for an implied equity value of approximately $1.56bn, the GNOG will use this business combination to go public in the USA.
As per Gambling Insider, Jason Robins, DraftKings CEO and Chairman of the Board, said: “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.
“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 optimisation and greater marketing efficiencies. We look forward to Tilman being an active member of our Board and one of our largest shareholders.”
Tilman Fertitta, Chairman and CEO of GNOG, said: “This transaction will add great value to the shareholders as two market leaders merge into a leading global player in digital sports, entertainment and online gaming.
“Leveraging Fertitta Entertainment’s broad entertainment offerings and extensive customer database, coupled with DraftKings’ mammoth network makes this an unbeatable partnership. Together, we can offer value to our combined customer base that is unparalleled.”
The gigantic business combination of DraftKings and GNOG is set to deliver the best in their respective areas of expertise which is daily fantasy sports and online casino respectively.