Viagogo acquire eBay’s online marketplace StubHub for ticketing in $4.05 billion to further enhance scale and global research and innovation. Viagogo announced today that they have an agreement from eBay to sale their online ticketing market place in $4.05 billion in cash.
Viagogo is one of the leading online ticketing marketplace for the events like music, live sports and entrainment internationally, StubHub is the leading ticketing market place in United States. Viagog and stubhub in agreement are working in same field but in different domains. This purchase provides fans and clients of more than 70 countries verity of access to the world of events.
“We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders,” said Scott Schenkel, interim chief executive officer of eBay Inc. “Over the past several months, eBay’s leadership team and Board of Directors have been engaged in a thorough review of our current strategies and portfolio, and we concluded that this was the best path forward for both eBay and StubHub. We firmly believe in the StubHub business and we are excited about its future growth potential with viagogo as its owner.”
Eric Baker, viagogo’s founder and CEO, also co-founded StubHub while in business school, but left before the business was sold to eBay for $310 million in 2007. “It has long been my wish to unite the two companies. I am so proud of how StubHub has grown over the years and excited about the possibilities for our shared future,” Baker said. “Buyers will have a wider choice of tickets, and sellers will have a wider network of buyers. Bringing these two companies together creates a win-win for fans – more choice and better pricing.”
“Bringing StubHub and viagogo together will allow us to drive further expansion and innovation, and create a more competitive offering for live event fans globally,” said Sukhinder Singh Cassidy, president of StubHub. “This provides a great opportunity to expand our business, pursue new partnerships and execute our strategy. We expect a seamless transition for all our employees, partners and customers, and we are excited for what the future holds.”
The sale is expected to close by the end of the first quarter of 2020, subject to regulatory approval and customary closing conditions.
eBay regularly reviews its portfolio to ensure that its investments and assets support the company’s strategic direction while adhering to a disciplined approach to value creation.
Goldman Sachs & Co. LLC is acting as financial advisor to eBay. Wachtell, Lipton, Rosen & Katz and Quinn Emanuel are acting as legal advisors to eBay. J.P. Morgan is acting as sole financial advisor and sole underwriter of the committed debt and preferred equity financings for viagogo. Skadden, Arps, Slate, Meagher & Flom LLP and Kirkland & Ellis LLP are acting as legal advisors for viagogo.