Paddy Power Betfair Acquires FanDuel
Автор: JohnWallStreet
Загружено: 2018-07-21
Просмотров: 55
Описание: Paddy Power Betfair (PPB) has acquired FanDuel (pending final regulatory approval) with the intention of competing in the legalized U.S. sports betting market. The Dublin-based betting operator will bring its modest U.S. assets (worth $612 million) to the table, as well as $158 million in cash; money that will be used to pay down existing FanDuel debt ($76 million) and to fund operations of the new joint business. PPB will merge its U.S. operations with FanDuel’s immediately and will own of 61% of the combined entity; that percentage will increase to 80% after three years and PPB will assume complete control of the company after five years (via call/put options at market price). The newly combined entity now represents “the industry’s largest online business in the U.S.”
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