DraftKings (DKNG) has released an update.
DraftKings Inc. is set to acquire JackPocket Inc. in a strategic merger valued at $750 million. The deal, approved by both companies’ boards, involves a mix of approximately $412.5 million in cash and $337.5 million in DraftKings stock. JackPocket will initially merge with a subsidiary of DraftKings and subsequently become a wholly-owned subsidiary named Jackpocket LLC. The transaction includes a collar mechanism on the stock consideration and is contingent upon satisfying regulatory approvals and other customary closing conditions.
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