Vivid Seats go public in $1,9 bln valuation

News

Date: 27.04.2021

Online ticket marketplace Vivid Seats Inc said it had agreed to be taken public by a Todd Boehly backed blank-check firm, valuing the combined company at $1.95 billion.

The deal with Horizon Acquisition Corp will provide $769 million in gross proceeds to Vivid Seats, including a private investment of $225 million from investors including Fidelity Management & Research Company LLC and Eldridge Industries LLC.

Founded in 2001, Chicago-based Vivid Seats allows sale and purchase of tickets for sporting events, concerts, theater and other live events through its portal. It counts ESPN and The Rolling Stones among its partners.

SPACs are shell companies that raise funds to take a private company public through a merger, allowing the private firms to sidestep the hassles and scrutiny associated with an IPO.

Evercore is acting as financial and capital adviser to Vivid Seats, while Credit Suisse, Deutsche Bank Securities and RBC Capital Markets are advising Horizon on the deal.

Based on: Reuters

#News #IPO #ICO #Vivid_Seats #Wcryptn.com

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