Herzog Fox & Neeman Represented SBTech, Provider of Online Sports Betting and Gaming Platforms, in a 3-way Business Combination Transaction
29 December 2019
Herzog Fox & Neeman represented SBTech, provider of online sports betting and gaming platforms, in a 3-way business combination transaction, pursuant to which, SBTech and Draftkings Inc., a leading US fantasy sports operator, will be acquired by Diamond Eagle Acquisition Corp, a special purpose acquisition company (SPAC), traded on Nasdaq, who raised at least $700m for that purpose, to form a combined group, expected to be valued at circa $3.3b post closing. The consideration to SBTech’s shareholders is expected to be circa $660m in a combination of cash and traded shares of the public company.
Herzog Fox & Neeman team was led by Partner Gil White, Head of Internet & E-commerce, Ran Hai and Erez Abu from Corporate and Securities, with the assistance of Yehoshua Shohat Gurtler, Gaming and Regulation, Yuval Navot and Dr. Ehab Farah from Tax, Shachar Porat, Employees Benefits, Daniel Lowbeer, International Tax, Karen Elburg and Jenia Melkhior from Intellectual property and Ido Manor from Technology & Regulation.