Global law firm White & Case LLP has advised Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) on its sale to DraftKings Inc. (NASDAQ: DKNG) in an all-stock transaction that has an implied equity value of approximately US$1.56 billion.
DraftKings Inc. is a digital sports entertainment and gaming company with products that range across daily fantasy, regulated gaming and digital media. Golden Nugget Online Gaming, Inc. is a leading online gaming company that was first to bring Live Dealer and Live Casino Floor to the United States online gaming market. The transaction is intended to create a leading global player in digital sports, entertainment and online gaming.
In connection with the acquisition, DraftKings also entered into a commercial agreement with Fertitta Entertainment, Inc., the parent company of the Houston Rockets, Golden Nugget, LLC and Landry’s LLC, and a leader in the gaming, restaurant, hospitality and sports entertainment industry.
White & Case previously advised on the transaction in which Golden Nugget Online Gaming went public through a merger with Landcadia Holdings II, Inc., a special purpose acquisition company (SPAC).
The White & Case team that advised on the transaction was led by partners Joel Rubinstein (Capital Markets), Morton Pierce, Suni Sreepada and Robert Chung (M&A) in New York, and included associates Nate Bascom in Houston, Cristen Callan, Beth Goodwin and Yixin Yan (M&A) in New York; partners Sang Ji and Scott Fryman (Tax) in New York and associate Mitchell Li (Tax) in Chicago; partner George Paul and associates Christine Chang, and Ashley Stoner (Antitrust) in Washington, DC; partner Vicky Rosamond, counsel Aaron Feuer and associate Anthony Veveakis (Employment, Compensation & Benefits) in New York; counsel Tami Stark (White Collar) in New York; partner Arlene Hahn and associates Kelly Funderburk and Katarina Varriale (Intellectual Property), and partner Steve Lutt (Real Estate) in New York; partner Seth Kerschner (Environmental) in New York; partner Tim Hickman and associate Joe Devine in London, counsel Paul Pittman in Washington, DC, and associate Abdul Hafiz (Data, Privacy & Cybersecurity) in New York; partner Richard Burke (Sanctions) in Washington, DC; partner Doug Landy (Financial Institutions) in New York; and associate Ashley Williams (White Collar) in Washington, DC.
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