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PostPosted: Wed May 23, 2018 2:07 pm 
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FanDuel Acquired by Paddy Power Betfair

Fantasy-sports startup FanDuel is being acquired by U.K.- and Ireland-based sports-betting giant Paddy Power Betfair, the two companies announced on Wednesday morning. Under the deal, the two companies will merge their U.S. businesses to prepare for legalized sports betting.

Both companies expect the deal to close in Q3. Paddy Power Betfair told investors Wednesday that it will contribute its U.S. assets as well as $158 million in cash, which will be used to pay down existing FanDuel debt. The European company will hold 61% of the combined U.S. business upon completion of the deal and have operational control. Paddy Power Betfair has the option to raise its stake to 80% after three years, and 100% after five years.

http://variety.com/2018/digital/news/fa ... 202819754/


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