8/9, 2:11 PM (Source: TeleTrader)
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DraftKings buys Golden Nugget in $1.56B all-stock deal

DraftKings Inc. will acquire Golden Nugget Online Gaming, Inc. in an all-stock transaction worth $1.56 billion, the two online betting companies unveiled on Monday.

Golden Nugget shareholders will receive a fixed ratio of 0.365 stocks of the newly-formed joint venture for each share of Golden Nugget they hold, the announcement read.

"Our acquisition of Golden Nugget Online Gaming, a brand synonymous with iGaming and entertainment, will enhance our ability to instantly reach a broader consumer base," DraftKings' CEO Jason Robins commented.

Breaking the News / BU