Thu 10/21/2021 12:25 PM
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Takeaways

  • The Mississippi Gaming Commission granted requests from DraftKings subsidiaries that relate to the company’s merger agreement with Golden Nugget Online Gaming, or GNOG.

  • The MGC’s decision approves one of the means by which DraftKings and GNOG plan to implement the transactions under their merger agreement.

  • The companies previously said that they expect to complete the transactions in the first quarter of 2022, subject to the timely satisfaction or waiver of closing conditions.


The Mississippi Gaming Commission granted requests from DraftKings subsidiaries that relate to the company’s merger agreement with Golden Nugget Online Gaming, or GNOG.

During its meeting today, the MGC approved, among other related requests, the proposed acquisition of control of DraftKings, DraftKings Inc. (DE), Crown Gaming Inc., Crown MS Gaming Inc., SBTech (Global) Ltd. and SBTech Malta Ltd. by New Duke Holdco Inc.

Under the terms of DraftKings and GNOG’s agreement, New Duke Holdco, a wholly owned subsidiary of DraftKings, will acquire (i) 100% of DraftKings, (ii) 100% of GNOG and (iii) the portion of GNOG’s operating subsidiary that is not currently owned by GNOG from Landry’s Fertitta. DraftKings and GNOG will become wholly owned subsidiaries of New Duke Holdco, which will be renamed DraftKings Inc. immediately following the completion of the mergers.

The MGC’s decision approves one of the means by which DraftKings and GNOG plan to implement the transactions under their merger agreement.

DraftKings and GNOG announced the all-stock transaction in early August. The transaction cleared U.S. antitrust review upon the expiry of the relevant HSR waiting period on Sept. 22.

The companies previously said that they expect to complete the transactions in the first quarter of 2022, subject to the timely satisfaction or waiver of closing conditions.

Reorg’s coverage of this transaction can be found HERE.
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