DraftKings Inc. has agreed to acquire Golden Nugget Online Gaming Inc. for $1.6 billion. Simultaneously, DraftKings has entered into a commercial agreement with Fertitta Entertainment Inc., the parent company of the Houston Rockets and the Golden Nugget. The transaction, announced Aug. 9, is expected to close in the first quarter of 2022. DraftKings was advised by Sullivan & Cromwell. Golden Nugget, which is based in Houston, Texas, was represented by White & Case. Spectrum Gaming Capital, acting as financial advisors to the special committee of the board of Golden Nugget, was advised by Vinson & Elkins. Houston, Texas-based Fertitta was represented by a Latham & Watkins team.
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