M&A · Tech · Services-Prepackaged Software
DraftKings Inc. to acquire Golden Nugget Online Gaming, Inc.
Announced Aug 9, 2021 · Closed May 4, 2022
Deal value$1.56BEV $1.54B
Premium—To unaffected price
EV / Adj. EBITDA—15.3x EV / Revenue
ConsiderationAll stock$18.83 per share
Transaction
- Acquirer
- DraftKings Inc. (DKNG)
- Target
- Golden Nugget Online Gaming, Inc. (GNOG)
- Buyer type
- Strategic
- Offer price per share
- $18.83
- Enterprise value
- $1.54B
- Status
- Closed May 4, 2022
Deal protections
- Break fee (target pays)
- $55.0M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Raine
- To the target
- Jefferies
Sector context · Tech
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 30.8%
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.5% vs. 3.0% sector median
Timeline
- AnnouncedAug 9, 2021
- Proxy filedDec 9, 2021
- Definitive proxyDec 9, 2021
- Shareholder vote—
- ClosedMay 4, 2022
Valuation · fairness opinions
Precedent transactions$12.66$16.22
Offer $18.83
Implied value per Golden Nugget Online Gaming, Inc. share by analysis.