The merger with Social Capital Hedosophia Holdings II values the company at $4.8 billion.
The investor is betting that blank-check mergers continue to be an attractive alternative to traditional IPOs amid the current market volatility.
The deal will create the “only vertically-integrated pure-play sports betting and online gaming company based in the United States.”
'Backdoor' listings have become a popular way for crypto firms to get into the public markets without the regulatory scrutiny of a traditional IPO.
The failed thrift's shell company could be a vehicle for Kohlberg Kravis Roberts' next leveraged buyout.
