SWITZERLAND (CelebrityAccess) – Viagogo has acquired secondary ticketing rival StubHub from eBay for $4.05 billion in cash.
The landmark deal brings together the world’s two largest secondary ticket sellers and is expected to close by the end of the first quarter of 2020, subject to regulatory approval and customary closing conditions.
“It has long been my wish to unite the two companies,” said Eric Baker, CEO of Viagogo and co-founder of StubHub. “I am so proud of how StubHub has grown over the years and excited about the possibilities for our shared futures. 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.”
“We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders,” added 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.”
“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.”