Cooley advised PrizePicks, the largest daily fantasy sports operator in North America, on its definitive agreement for Allwyn International to acquire a majority stake in PrizePicks at an upfront enterprise value of $2.5 billion. If PrizePicks achieves certain performance metrics over the next three years, additional cash consideration under the agreement would result in an enterprise value of up to $4.15 billion. The transaction is anticipated to close in the first half of 2026.
Lawyers Kevin Cooper, Mike Lincoln, Vicky Kandabarow, Eileen Marshall, Paula Fleckenstein, Sarah Buchik, Dennis Craig, Eddie Sniezek, Asal Yunusov and Mariam Kamal led the Cooley team advising PrizePicks.
Freshfields is advising Allwyn International AG, the lottery-led gaming entertainment company, in a definitive agreement for Allwyn to acquire a majority stake in PrizePicks, the largest daily fantasy sports (“DFS”) operator in North America. 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.
The Freshfields team is led by M&A Partners Steven Li and Ethan Klingsberg and executive compensation and benefit Partner Lori Goodman and includes Counsel Zizi Petkova, Associates Victor Ma, Ryan Taylor, Connor Smith, Wicy Wang, Sumner Fields and Isabella Cheng on M&A; Partners Steven Matays and Sarah Katz and Associate Courtney Canning on tax; Associate Jeffrey Anand and Chaim Leggiere on executive compensation and benefit; Partners Justina Sessions and Mena Kaplan and Associates Danny Spencer, Rhea Khakhria and Eric Mason on IP; Partner Jan Rybnicek, Special Counsel Christine Laciak and Associate Timothy Swartz on antitrust and foreign direct investment; Partner Brock Dahl and Associates Christine Chong and Raul Orozco on data privacy; and Partner Stephanie Brown Cripps and Associates Rebecca Berman and Victoria Abut on sanctions and compliance.
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