DraftKings makes $20 billion offer for UK sports betting company Entain, sources say
The offer is largely in DraftKings stock, along with cash, according to the sources.
Entain shares jumped about 18% in London trading Tuesday. DraftKings shares closed 7.4% lower Tuesday after the news.
On Monday, before news of the deal, the enterprise value of Entain was about £13.2 billion, or $18 billion.
In a filing with the London Stock Exchange, Entain’s board confirmed that it received a proposal from DraftKings, which would include a combination of stock and cash. The filing did not contain any information on the price of the offer.