FanDuel is reportedly looking to go public through a backdoor method

March 8, 2018
  • The fantasy sports company is in advanced talks to sell some or all of itself to Platinum Eagle Acquisition Corp., according to Axios.
  • FanDuel previously held talks with rival DraftKings about a merger, but those talks ended in July.
  • The so-called reverse merger with Platinum Eagle would push FanDuel into the public markets, to some degree.

FanDuel is eyeing another merger, albeit of a different kind, according to a report from Axios.

The fantasy sports company is in advanced talks to sell some or all of itself to Platinum Eagle Acquisition Corp., in what would be a sort of backdoor method of going public, the news site reports.

FanDuel previously held talks with rival DraftKings about a merger, but those talks ended in July.

The reverse merger with Platinum Eagle would push FanDuel into the public markets, to some degree. Special purpose acquisition companies like Platinum Eagle raise money from public investors to buy companies.

It’s unclear how much Platinum Eagle would spend on FanDuel, or how much of the company it would purchase, according to Axios.

FanDuel declined to comment to CNBC.

Disclosure: CNBC parent Comcast and NBC Sports are investors in FanDuel.

Read the full Axios report here.

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