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Mergers & Acquisitions

DraftKings Hits Public Market With SPAC Merger

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Published: December 24th, 2019
The daily fantasy and sports betting company has agreed to a merger with special purpose acquisition company Diamond Eagle Acquisition.

Those betting DraftKings was due for the public markets may have just hit pay dirt.

The daily fantasy company and recent entrant in to the sports betting scene has agreed to a merger with special purpose acquisition company Diamond Eagle Acquisition Corp. that will bring the Boston-based company public.

As part of the deal, which will create a $3.3 billion-in-market-cap company, DraftKings will merge with SBTech, an online gaming platform that provides technology to sports books including Churchill Downs, Virgin Bet and Golden Nugget online casinos.

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