DraftKings offers to purchase PointsBet US for $195m
DraftKings’ proposal is approximately 30% higher than what PointsBet was going to sell its US division to Fanatics for. Additionally, the 150 million dollar transaction between the latter and PointsBet is currently in its latest stages, with only a shareholder vote, scheduled to take place on the 30th of June, remaining as the last required approval for it to proceed.
In its announcement, PointsBet stated that it will be assessing DraftKings’ proposal to determine whether its overall terms can deliver an elevated value to the company’s investors than the current deal with Fanatics. The firm also stated that it will be assessing whether the former’s offer can be completed within a reasonable timeframe and with a high degree of certainty.
Moreover, the operator’s announcement mentioned that DraftKings’ offer is non-binding and that its transaction with Fanatics had to go through extensive reviews to reach the stage that it is at currently.
PointsBet’s agreement with Fanatics was finalized about a month ago and involves only the former’s US division, while its Canadian operations will remain under its ownership. The deal also includes a licensing agreement for PointsBet’s technical solutions, allowing Fanatics to utilize the US business’s existing platform to continue its operations.