Recently, Skillz reported 2.6 million active users. The deal valued the company at $3.6 billion.
Flying Eagle Acquisition Corp. is committing $690 million to the deal. Another $159 million comes from investors like Wellington Management, Fidelity Investments, Franklin Templeton Investments and Neuberger Berman.
At the helm of Flying Eagle is former MGM Holdings studio chief Harry Sloan and film producer Jeff Sagansky. Sloan and Sagansky were at the helm of the company, Double Eagle Acquisition Corp., that merged with DraftKings to go public earlier this year.