Diamond Eagle’s Acquisition of DraftKings

Goldman Sachs acted as exclusive financial advisor to Diamond Eagle. Raine Group acted as exclusive financial advisor to DraftKings. Sullivan & Cromwell LLP acted as legal advisor to DraftKings. Winston & Strawn LLP and Paul Hastings LLP acted as legal advisor to Diamond Eagle. Stifel acted as financial advisor and Herzog, Fox & Neeman and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to SBTech. Goldman Sachs and Credit Suisse acted as private placement agents to Diamond Eagle.

Diamond Eagle Acquisition Corp. (Nasdaq: DEAC) executed the acquisition of DraftKings Inc.

The combined company will become the only vertically-integrated pure-play sports betting and online gaming company based in the United States. The transaction is expected to close in the first half of 2020. In connection with the closing of the transaction, Diamond Eagle intends to change its name to DraftKings Inc., reincorporate in Nevada and remain Nasdaq-listed under a new ticker symbol.

DraftKings Inc. is a digital sports entertainment and gaming company known for its industry-leading daily fantasy sports and mobile sports betting platforms.

Diamond Eagle Acquisition Corp. (Nasdaq: DEAC) is a publicly traded special purpose acquisition company, and SBTech, an international turnkey provider of cutting-edge sports betting and gaming technologies.

The Winston deal team was led by Partners Joel Rubinstein (Picture; Capital Markets), and Jason Osborn (M&A), and also included Partners Elliott Smith, New York, Jonathan Rochwarger, New York, Rob Heller, New York, Neely Agin, DC, Jen Stadler, New York, Associates Ben Liss, Chicago, John Secaras, Chicago, Sarah Ross, New York, Jordan Leon, New York, and Law Clerk Lewis Loy, Los Angeles.

The HFN team was composed 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.

The Paul Hastings team was led by Behnam Dayanim, chair of the firm’s Advertising, Gaming and Promotions practice, and included Holly Flynn.

The S&C team representing DraftKings was led by Scott Miller, and includes Julia Kim and Sarah Wilson.

Involved fees earner: Erez Abu – Herzog Fox & Neeman; Karen Elburg – Herzog Fox & Neeman; Ehab Farah – Herzog Fox & Neeman; Ran Hai – Herzog Fox & Neeman; Daniel Lowbeer – Herzog Fox & Neeman; Ido Manor – Herzog Fox & Neeman; Jenia Melkhior – Herzog Fox & Neeman; Yuval Navot – Herzog Fox & Neeman; Shachar Porat – Herzog Fox & Neeman; Yehoshua Shohat Gurtler – Herzog Fox & Neeman; Gil White – Herzog Fox & Neeman; Behnam Dayanim – Paul Hastings; Holly Suzanna Flynn – Paul Hastings; Julia Kim – Sullivan & Cromwell; Scott Miller – Sullivan & Cromwell; Sarah Wilson – Sullivan & Cromwell; Neely Beth Agin – Winston & Strawn; Robert Heller – Winston & Strawn; Jordan Leon – Winston & Strawn; Benjamin Liss – Winston & Strawn; Jason Osborn – Winston & Strawn; Jonathan Rochwarger – Winston & Strawn; Sarah Ross – Winston & Strawn; Joel Rubinstein – Winston & Strawn; John Secaras – Winston & Strawn; Elliott Smith – Winston & Strawn; Jennifer Stadler – Winston & Strawn;

Law Firms: Herzog Fox & Neeman; Paul Hastings; Sullivan & Cromwell; Winston & Strawn;

Clients: Diamond Eagle Acquisition Corp.; DraftKings Inc.; SBTech;

Author: Ambrogio Visconti