Allwyn acquires majority stake in PrizePicks valuing it at $2.5B

https://www.prnewswire.com/news-releases/allwyn-to-acquire-majority-stake-in-prizepicks-creating-a-new-force-in-global-entertainment-302562956.html

Allwyn International AG, the lottery-led gaming entertainment company, and PrizePicks, the largest daily fantasy sports ("DFS") operator in North America, today announced that they have entered into a definitive agreement for Allwyn to acquire a majority stake in PrizePicks. Allwyn has agreed to purchase an approximately 62.3% stake in PrizePicks for an expected initial cash consideration of USD 1.6 billion, implying an upfront enterprise value of USD 2.5 billion. If PrizePicks achieves certain performance metrics over the next three years, additional cash consideration under the agreement could raise the implied enterprise value to a maximum of USD 4.15 billion.