DraftKings Inc. (DKNG) has agreed to acquire Golden Nugget Online Gaming, Inc. (GNOG) in an all-stock deal with an implied equity value of approximately $1.56 billion. Golden Nugget Online Gaming is an online gaming company and was first to bring Live Dealer and Live Casino Floor to the United States online gaming market. Tilman Fertitta, who owns beneficially approximately 46% of the equity in Golden Nugget, has agreed to continue to hold the DraftKings shares to be issued to him in the merger for a minimum of one year from the closing of the deal.
DraftKings said the acquisition will deliver significant strategic benefits as well as expected synergies of $300 million at maturity. DraftKings expects to see revenue uplift from additional cross-promotion opportunities.
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