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DraftKings Goes Public in $3.3 Billion Deal With Diamond (2)

Dec. 23, 2019, 3:56 PM

DraftKings Inc. is going public in a three-way deal with gaming technology provider SBTech and an acquisition fund founded by former Hollywood executive Jeff Sagansky that values the new firm at about $3.3 billion.

Boston-based DraftKings said it agreed to be sold, alongside SBTech, to Diamond Eagle Acquisition Corp., a publicly traded special purpose acquisition company. The combined group will trade under the name DraftKings Inc.

Diamond Eagle is the fifth SPAC set up by serial dealmaker Sagansky, who founded Diamond Eagle with investor Harry Sloan. SPACs raise money from public investors to pursue acquisitions, allowing a ...