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SPAC · Merger completed

Diamond Eagle Acquisition Corp.

Business combination with DraftKings Inc. and SBTech Limited

Diamond Eagle Acquisition Corp. is a blank-check company (SPAC) that raised $350M in its initial public offering on May 14, 2019, listing on Nasdaq Capital Market. It completed its business combination with DraftKings Inc. and SBTech Limited on Apr 23, 2020; the combined company is DraftKings Inc. (DKNG). Winston & Strawn advised the SPAC and Skadden, Arps advised the underwriters on the IPO.

DraftKings is a U.S.-based digital sports entertainment and gaming company offering daily fantasy sports, sports betting and regulated gaming. Its sportsbook launched in 2018 and offers mobile and retail betting in several states. SBTech provides omni-channel sports betting and gaming technology.

Status
Merger completed
IPO date
May 14, 2019
IPO size
$350M
IPO exchange
Nasdaq Capital Market
Target
DraftKings Inc. and SBTech (Global) Limited
Announced
Dec 23, 2019
Closed
Apr 23, 2020
Combined company
DraftKings Inc. (DKNG)
SPAC counsel (IPO)
Winston & Strawn
Underwriters' counsel (IPO)
Skadden, Arps

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