S&C Advises DraftKings on Three Way Combination and SPAC OfferingMay 4, 2020
DraftKings completed its three-way combination with SBTech and Diamond Eagle Acquisition to create the only vertically integrated U.S.-based sports betting and online gaming company. As a part of the combination, New DraftKings reincorporated in Nevada and is listed on Nasdaq under ticker symbol DKNG. PIPE investments of approximately $304 million closed immediately prior to the completion of the business combination.
DraftKings went public through a special purpose acquisition company (SPAC), which raises money and lists shares without conducting the usual initial public offering.
DraftKings is a Boston-based digital sports entertainment and gaming company that currently offers daily fantasy sports, online sports betting and iGaming. DraftKings' sports betting currently operates in Indiana, Iowa, Mississippi, New Hampshire, New Jersey, New York, Pennsylvania and West Virginia. DraftKings' daily fantasy sports product is available in 43 states and eight international markets.
SBTech is a global full-service B2B turnkey technology provider with omni-channel sports betting solutions, trading services and marketing and bonus tools that power some of the most popular sports betting and online gaming brands.
Diamond Eagle is a blank check company with the business purpose to combine with an operating business focusing on media and entertainment.
The S&C team representing DraftKings was led by Scott Miller, and includes Julia Kim and Sarah Wilson.