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FanDuel Founders Sue KKR and Shamrock Over 2018 Merger, $37 Billion Valuation

Aug 16, 2024, 04:34 PM

FanDuel founders and early shareholders have filed a lawsuit against private equity firms KKR and Shamrock Capital, alleging fraud in connection with the 2018 merger with Paddy Power Betfair. The merger, which led to the formation of a company now valued at $37 billion, reportedly wiped out the value of the holdings of FanDuel's early stakeholders. The plaintiffs, who were common shareholders, claim they received no compensation from the deal, despite the significant increase in the company's valuation post-merger.