HC2 Holdings Invests in Fantasy Sports Site

Sat, Jun 20, 2015

Philip Falcone’s HC2 Holdings has acquired a stake in fantasy sports provider Gaming Nation. Falcone said the site has the potential to be an industry leader.

Former hedge fund manager Peter Falcone’s HC2 Holdings Inc. has acquired debt and warrants in Gaming Nation Acquisition Corp.

Gaming Nation operates information sites Fantasy Guru and PickNation along with Fantasy Feud, which runs daily fantasy games.

Gaming Nation “has the potential to be an industry leader,” Falcone said in the statement. The Toronto-based company has a “platform for substantial future growth.”

HC2 bought an unsecured convertible debenture with a principal amount of C$20 million ($16 million), tied to Gaming Nation’s combination with Oceanside Capital Corp., according to the statement. Falcone’s Herndon, Virginia-based company also got a warrant for stock representing 38 percent of shares on a fully diluted basis, Bloomberg News reported.

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