Paddy Power Betfair completes acquisition of DRAFT
DRAFT is mobile-led, featuring a differentiated product and a strong management team. The business will continue to be run by co-CEOs Jeremy Levine and Jordan Fliegel and will now have access to the group's marketing and technology capabilities.
Further cash consideration of up to USD 29M will become payable over the next four years, depending on business performance.
To maximize the growth opportunity, substantial marketing investment in the business is envisaged for the next years, with an EBITDA loss of approximately USD 20M forecast in 2017.
Breon Corcoran, Chief Executive, said, "We are excited to be bringing DRAFT into the group and to further increase our presence in the U.S. DRAFT has a differentiated product, and we believe the business, with the support of our marketing and technology expertise, can take share in the fast-growing daily fantasy sports market.
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