UK’s IG Group agrees to buy sports gaming firm Underdog for up to $1.3 billion
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July 30 : Britain’s IG Group said on Thursday it has agreed to acquire U.S. daily fantasy sports and prediction markets operator Underdog for up to $1.3 billion, in a deal that would strengthen its position in the fast-growing U.S. retail trading market.
The deal includes an upfront consideration based on an enterprise value of about $1.1 billion and an earnout of about $200 million for Underdog shareholders, IG said.
The upfront equity value is expected to be about $963 million, to be paid with roughly 24.1 million new IG shares and about $380 million in cash, while IG will also repay about $160 million of Underdog debt at completion of the deal.
Source: Reuters
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