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DraftKings to go public in 2020 at $3.3 billion valuation

Reuters
Updated
A DraftKings logo is displayed on a board inside of the DFS Players Conference in New York

(Reuters) - Fantasy sports and gambling company DraftKings will be taken public by an entity founded by Hollywood executives Jeff Sagansky and Harry Sloan in a deal valuing the company $3.3 billion (2.6 billion pounds), the firm said on Monday.

Under the deal, Diamond Eagle Acquisition Corp <DEAC.O> - a publicly traded special purpose acquisition company founded by Sagansky and Sloan, will merge with DraftKings and SBTech, a sports betting technology firm.

Diamond Eagle said it would change its name to DraftKings Inc, reincorporate in Nevada and remain Nasdaq-listed under a new ticker symbol.

Institutional investors, including funds managed by Capital Research and Management Co, Wellington Management Co and Franklin Templeton, will invest $304 million in the newly formed entity.

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The combined company will be led by DraftKings co-founder and Chief Executive Officer Jason Robins.

Goldman Sachs is the exclusive financial adviser to Diamond Eagle, Raine Group is advising DraftKings, while Stifel is advising SBTech.

(Reporting by C Nivedita in Bengaluru; Editing by Saumyadeb Chakrabarty)