The Fox Sports and Kraft Group-backed fantasy sports contest operator has gone public through a reverse merger, forming a $3.3bn company that will include betting technology producer SBTech.
DraftKings, the US-based competitive fantasy sports platform backed by conglomerate Kraft Group and broadcaster Fox Sports, has agreed to go public through a merger deal.
The company will merge with a special purpose acquisition company called Diamond Eagle Acquisition in a deal that will also incorporate UK-based sports betting technology provider SBTech.
Institutional investors including Capital Research and Management Company, Wellington Management Company and Franklin Templeton are providing $304m in funding for the new entity, which is expected to have…
