FanDuel acquired by Paddy Power Betfair
FanDuel, the fantasy sports site that allows users to win real money, has been acquired by UK and Ireland-based Paddy Power Betfair. The terms of the transaction were not disclosed but publicly-traded Paddy Power Betfair will be merging its US operations with FanDuel, injecting some cash to service FanDuel’s existing debt load, and will have operational control with the option to wholly own the company after five years. “FanDuel and Betfair US share an enthusiasm for innovation and, as a result of today’s announcement, are prepared to lead the charge into the US sports betting market,” said Matt King, CEO, FanDuel. “The combination of our brands and team, along with a shared culture and vision for the future, will allow us to create the leading gaming destination for sports fans everywhere.”
Investors in the acquired company: Comcast Ventures, Fabrice Grinda, VTF Capital, Scottish Investment Bank, KKR & Co. (Kohlberg Kravis Roberts & Co.), Simon Murdoch, Time Warner Investments, Bullpen Capital, Piton Capital, Jose Marin, Pentech Ventures, CapitalG, CapitalG, blisce/, Walking Ventures, BluePointe Ventures, HDS Capital, Karlani Capital, Tusk Ventures, Shamrock Capital Advisors, ECA Ventures, NBC Sports Ventures
Total funding raised: $416.2M
Full coverage: FanDuel Acquired by Paddy Power Betfair
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