DraftKings was supposed to finalize its acquisition of GNOG back in the first quarter, but that did not happen due to approvals for the merger not being acquired in time.
The merger should be finalized on the 31st of May 2022. As it is, DraftKings pay for 0.365 brand-new shares for each common share of the acquired online casino, GNOG. The acquisition is set to be valued at $1.56B.
The operator’s largest shareholder, Tilman Fertitta, currently owns 46% of the shares and is planning to keep those shares and any more he may receive, for the coming year. He is also planning to join the DraftKings board, while also still maintaining his ownership over GNOG’s land-based properties.
A representative from DraftKings stated the following about the acquisition:
“DraftKings and GNOG continue to pursue the remaining gaming regulatory approvals necessary to consummate the acquisition… Accordingly, DraftKings now expects the acquisition to be consummated on or prior to May 31, 2022, subject to the satisfaction or waiver of closing conditions.”
We’ll keep you updated on any more news about this merger in the next couple of weeks.
What’s so great about GNOG?
Golden Nugget is being acquired by DraftKings for a pretty good reason. Its reputation is unlike no other in the US market thanks to its large game library. You’ll find almost everything you want. By everything, I don’t mean just slots. The game library includes Live Dealer games, table games (roulette & baccarat), blackjack, and video poker. It’s a pretty large selection!
Here are the top featured games you’ll find at GNOG: