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Photo by Michael Loccisano/Getty Images

Ireland-based online gaming company Paddy Power Betfair has agreed to buy New York-based fantasy sports site FanDuel, Axios has learned from multiple sources. Expect an official announcement later today.

Context: The two companies had confirmed merger talks earlier this month, in the wake of a U.S. Supreme Court ruling that allows states to legalize sports betting.

Update: PPB and FanDuel made it official shortly after market close in Ireland.

Deal terms:

  • PPB will merge its U.S. assets with FanDuel, and also contribute $158 million in cash. Those U.S. assets include fantasy sports site Draft, which PPB bought last year for $48 million.
  • PPB shareholders will hold 61% of the combined company, while FanDuel shareholders will hold the remaining 39%. But there also are options whereby PPB can increase its ownership to 80% after three years and to 100% after five years.
  • All existing FanDuel shareholders are rolling their shares into the new entity.

FanDuel had raised $435 million in venture capital funding from firms like KKR, NBC Sports, Shamrock Capital Group, Comcast Ventures and the NBA.

It had been valued at $1.2 billion, per terms of a planned 2017 merger with DraftKings that was later killed by U.S. antitrust regulators.

Go deeper

40 mins ago - Politics & Policy

Biden's latest executive order: Buy American

President Joe R. Biden speaks about the economy before signing executive orders in the State Dining Room at the White House on Friday, Jan 22, 2021 in Washington, DC. (Photo by Jabin Botsford/The Washington Post via Getty Images)

President Joe Biden will continue his flurry of executive orders on Monday, signing a new directive to require the federal government to “buy American” for products and services.

Why it matters: The executive action is yet another attempt by Biden to accomplish goals administratively without waiting for the backing of Congress. The new order echoes Biden's $400 billion campaign pledge to increase government purchases of American goods.

Tech digs in for long domestic terror fight

Illustration: Sarah Grillo/Axios

With domestic extremist networks scrambling to regroup online, experts fear the next attack could come from a radicalized individual — much harder than coordinated mass events for law enforcement and platforms to detect or deter.

The big picture: Companies like Facebook and Twitter stepped up enforcement and their conversations with law enforcement ahead of Inauguration Day. But they'll be tested as the threat rises that impatient lone-wolf attackers will lash out.

The pandemic could be worsening childhood obesity

Illustration: Aïda Amer/Axios

The 10-month long school closures and the coronavirus pandemic are expected to have a big impact on childhood obesity rates.

Why it matters: About one in five children are obese in the U.S. — an all-time high — with worsening obesity rates across income and racial and ethnic groups, data from the National Health and Nutrition Examination Survey show.