DraftKings buying Etain - UK sports betting company

BMR Sandy

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By: CNBC

"DraftKings is making a $20 billion offer to acquire U.K. online sports betting company Entain, people familiar with the matter told CNBC’s David Faber on Tuesday.

The offer is largely in DraftKings stock, along with cash, according to the sources.

Entain shares jumped more than 15% in London trading after the news.

On Monday, before news of the deal, the enterprise value of Entain was about 13.2 billion pounds, or $18 billion.

The U.K. gaming company rejected an all-stock offer from MGM Resorts earlier this year worth $11 billion at the time. Entain said the deal significantly undervalued the company.

MGM and Entain maintain an online sports betting partnership in the U.S. called BetMGM.

DraftKings and Entain spokespeople have not returned CNBC’s requests for comment.

Entain’s brands include U.K. poker and gambling companies Coral, Ladbrokes and PartyPoker.

DraftKings went public via a reverse merger with a special-purpose acquisition company in 2020. The online gaming giant operates fantasy sports contests and sports betting."
 
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