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Jun 28, 2023 5:27 pm

Fanatics purchasing PointsBet for $225M

PointsBet formally accepted a $225 million offer from Fanatics for the sale of its U.S. operations despite a late purchase attempt by DraftKings.

PointsBet confirmed the sale on Wednesday. The purchase agreement was originally $150 million in May before DraftKings came in with a $195 million offer earlier this month.

The hostile attempt by DraftKings prompted Fanatics to raise its offer by 50 percent.

Final approval of the sale is expected Friday at a shareholders meeting.

DraftKings said Wednesday it ended pursuit of a purchase of PointsBet.

According to reports, PointsBet felt the Fanatics’ offer was superior in terms of price and for the sale to be completed in a timely matter.

–Field Level Media

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