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DraftKings Inc. DKNG,
announced on Monday that it has reached an agreement to acquire Golden Nugget Online Gaming Inc. GNOG,
in an all-stock transaction valued at approximately $ 1.56 billion. The acquisition “will allow DraftKings to leverage the well-known Golden Nugget brand, the experience of iGaming products and the existing combined database of more than 5 million customers,” the sportsbook said. in a press release. As part of the deal, DraftKings has entered into a business deal with Fertitta Entertainment Inc., the parent company of the Houston Rockets, Golden Nugget LLC and Landry’s LLC, and a leader in the gaming, restaurant, entertainment industry. ‘hospitality and sports entertainment industry, the company said in a statement. DraftKings expects the deal to generate $ 300 million in synergies at maturity. Under the terms of the agreement, Golden Nugget shareholders will receive 0.365 DraftKings share for each share held. The deal is expected to close in the first quarter of 2022. Golden Nugget shares were up 29% pre-market, while DraftKings was down 2.7%.
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