Eldridge To Acquire Vivid Seats, Plan To Take The Company Public

Eldridge To Acquire Vivid Seats, Plan To Take The Company Public

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(CelebrityAccess) — Chicago-based secondary market ticketing service Vivid Seats announced plans to go public through a tie-up with a special purpose acquisition company backed by private equity giant Eldridge Industries.

The deal, which will be completed through the Eldridge-sponsored special-purpose acquisition company Horizon Acquisition Corp and other investors, will create a public company with an equity market capitalization at closing of approximately $1.95 billion.

The new company, which will be led by Vivid Seats CEO Stan Chia, will continue to be managed by its highly experienced management team, including CFO Lawrence Fey. Todd L. Boehly, Chairman and CEO of Horizon and Eldridge, will join the Vivid Seats Board of Directors.

According to regulatory filings, Eldridge will bring about $345 million to the table for the deal through its SPAC, and $190 million commitment to a private placement of public equity. Other investors are contributing about $35 million to complete the deal, per regulatory filings.

“We are thrilled to partner with Horizon, bringing together the trusted Vivid Seats brand and our deep expertise in the live events industry with a portfolio of unique and accretive relationships brought by Horizon that can accelerate our growth,” Stan Chia, CEO of Vivid Seats, said. “With our Vivid Seats Rewards loyalty program and outstanding customer service, we are poised to drive growth while continuing to innovate and improve the user experience for our loyal customers.”

The acquisition will make Vivid the latest entertainment property in Eldridge’s extensive portfolio, which already includes companies such as dick clark productions, CEC Entertainment, and numerous esports brands such as Cloud9, Tripledot, and Epic Games.

Eldridge’s portfolio also includes music publications such as Billboard, Variety, Hollywood Reporter, and Music Business Worldwide.

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