Rush Street Interactive to go public after merger agreed with dMY
Rush Street Interactive (RSI) is to go public after announcing it has agreed to a merger with dMY Technology Group.
The online casino operator will combine with the purpose acquisition company after entering into a definitive agreement, that will see RSI become a publicly listed company on the New York Stock Exchange (NYSE).
The deal, which was unanimously approved by the boards of both companies, is expected to close later in 2020, with an initial enterprise value of approximately $1.78bn, 5.6 times RSI’s projected 2021 revenue of $320m.
It is also expected that the combined company will have more than $235m on its consolidated balance sheet, with an anticipated initial market capitalization of more than $2bn.
Upon merger, RSI chairman Neil Bluhm and CEO Greg Carlin will both continue in their roles, with dMY chairman Harry You and CEO Niccolo de Masi, to be included in the combined company’s board of directors. dMY also intends to change its name to Rush Street Interactive and NYSE trading symbol to RSI.
RSI CEO Carlin said: “We started RSI in 2012 to create a fun and engaging online experience for the US gaming customer and we now have a great opportunity to accelerate our growth in this dynamic market.”
dMY CEO de Masi added: “Harry and I are tremendously excited about RSI’s positioning and the long-term growth opportunity they have in the expanding US market.”
RSI is the latest online US operator to go public, following Golden Nugget Online Gaming’s proposed acquisition by Landcadia II, which will see it publicly trade on the Nasdaq exchange, in Q3 2020.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
