Popular sports gaming company DraftKings (DKNG) - Get DraftKings Inc. (DKNG) Report proposed a takeover of U.K. sports betting company Entain, the latest attempt in a series of partnerships and acquisitions.
The deal which is only a preliminary proposal would be a mix of cash and stock worth $22 billion according to a CNBC report.
The DraftKings proposal was filed with the London Stock Exchange, but Entain noted in the filing that "Shareholders are urged to take no action at this time.”
Entain and MGM co-own the sports betting platform BetMGM and the partnership between Entain and BetMGM requires that any competing business in the U.S. would require MGM's consent.
This is just the latest move by DraftKings which recently announced an intent to purchase Golden Nugget Online Gaming in an all-stock deal worth about $1.56 billion and an agreement with Fertitta Entertainment, the parent company of the Houston Rockets, for exclusive daily fantasy sports, sports gaming and iGaming for the Houston NBA team.