FanDuel and Paddy Power Betfair Enter into Merger Agreement
On May 23, 2018, FanDuel, a leading one-day fantasy sports operator, and Paddy Power Betfair, a global sports betting and gaming group, announced that they have entered into a definitive agreement under which the companies will merge their U.S. businesses, bringing together the leader in international sports betting and gaming and the company that redefined fantasy sports. Terms of the deal were not disclosed. Wilson Sonsini Goodrich & Rosati is representing FanDuel in the transaction.
According to a press release, the transaction combines FanDuel's world-class technology, well-recognized brand, and large, highly engaged user base with Betfair's existing U.S. TVG horseracing betting network and media business, along with its online casino business in New Jersey. The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the third quarter of 2018.
The WSGR team representing FanDuel in the transaction includes partners Todd Cleary, Jonathan Zhu, Manja Sachet, and Sriram Krishnamurthy and associates Ethan Lutske, Carly Deckelboim, Katie Dahlinghaus, Devin Heckman, and Scott McKinney.
For additional information, please see the companies' joint press release.