Geneva-based Viagogo Entertainment Inc. is buying the world’s largest ticket marketplace StubHub from eBay for more than $4 billion.
eBay Inc. announced today to sell its StubHub online ticketing businesses to Viagogo for $4.05 billion. The deal is expected to close end of the first quarter of 2020.
Scott Schenkel, interim chief executive officer of eBay Inc. told in a statement: “We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders.”
Online ticket marketplace StubHub was founded in 2000 by Eric Baker, Viagogo’s founder and Jeff Fluhr. StubHub was acquired by eBay for $310 million in January 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.” Said Eric Baker, Viagogo’s founder and CEO.
“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.” He added.
The acquisition of StubHub gives Viagogo access to more than 70 countries with daily sell of thousands of tickets on competitive prices. Fans will like to see a wide range of inventry worldwide.
Sukhinder Singh Cassidy, president of StubHub said “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.”
“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.” He added.
The acquisition has been expected to close end of the first quarter of 2020. The transaction is subject to regulatory approvals.