DraftKings is going public, and it’s forgoing the typical IPO process. Here’s what you need to know about the fantasy sports company’s new 3-way deal.
DraftKings CEO Jason Robins said on CNBC's Squawk Box that the company was looking acquiring SBTech and and then going public, or to go public first and make the acquisition later, but this structure allowed the two to be done in one step.
The merger is expected to close in the first half of 2020, according to the announcement. As part of the deal, Diamond Eagle will change its name to DraftKings and change its ticker symbol. The company will trade on the Nasdaq with an estimated market cap of $3.3 billion.
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