DraftKings will pay 0.365 newly issued shares for each common share of Golden Nugget Online Gaming.
GNOG’s chairman, chief executive and largest shareholder, Tilman Fertitta, who owns approximately 46% of the business, has agreed to continue to hold the DraftKings shares he will receive – worth more than $700m – for at least a year.
Fertitta – who will continue to own the Golden Nugget land-based business – will also join the DraftKings board.