StubHub Sold by eBay for $4 Billion to ViagogoNovember 25, 2019
Online commerce company eBay has landed a buyer for StubHub, announcing a pact to sell the unit to Viagogo for $4.05 billion in cash — bringing together two of the world’s biggest ticket-resale providers.
The deal comes after eBay in March 2019 announced that it was exploring a potential sale of StubHub at the urging of activist investors.
StubHub claims to be the world’s largest ticket marketplace with tickets available for over 10 million live sports, music and theater events in more than 40 countries. EBay acquired StubHub in 2007 for $310 million. Eric Baker, Viagogo’s founder and CEO, also was a co-founder StubHub while in business school, but he left before the sale to eBay.
“It has long been my wish to unite the two companies,” Baker said in a statement. “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.”
The sale is expected to close by the end of the first quarter of 2020, subject to regulatory approval and usual closing conditions.
“We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders,” Scott Schenkel, interim CEO of eBay, said in a statement. After a strategic review process “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.”
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