PointsBet shareholders overwhelmingly approved a $225 million offer from Fanatics to purchase its U.S. sports wagering operations.
During overnight voting, 99.2 percent of the shareholders backed the deal, SBS Americas reported on Friday.
Fanatics originally had a purchase agreement for $150 million in May before DraftKings countered with a $195 million offer, prompting Fanatics to boost its offer by 50 percent.
“We are thrilled that the shareholders of PointsBet Holdings Inc. voted to approve our acquisition of the US businesses of PointsBet,” a Fanatics spokesman said. “We moved decisively to close the deal and we look forward to working with our friends at PointsBet Holdings Inc to finalize the remaining acquisition details.
“This is a pivotal moment for Fanatics Betting and Gaming that will accelerate our growth in the legal online sports betting, advance deposit wagering and igaming markets in the US. Pending regulatory approvals in the various states in which PointsBet operates, we will have more details to share in the coming weeks on how the acquisition of PointsBet US businesses will bring to life our unique vision for Fanatics Betting and Gaming.”
Fanatics will deliver the payments in two installments: $175 million at the initial completion of the deal and the remaining $75 million once everything is finalized.
Upon completion of the deal, PointsBet shareholders are expected to receive $1.39 to $1.44 per share.
Fanatics will acquire PointsBet’s U.S. workforce and market access, subject to licensing approvals.
A PointsBet spokesman said the company will shift its focus to its Canadian and Australian businesses.
–Field Level Media