eBay sells StubHub ticketing service to viagogo for $4.05bn in cash
eBay spins off StubHub for $4.05 billion to London-based viagogo
eBay Inc said has sold its StubHub online ticketing service to rival viagogo for $4.05 billion (£3.15bn) in cash.
San Francisco-based StubHub is the world’s largest ticket marketplace and provides services for buyers and sellers of anything from sporting events to concerts, theatre and other forms of live entertainment.
The sale is expected to close by the end of the first quarter of 2020, subject to regulatory approval and customary closing conditions, eBay said.
“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,” said Eric Baker, founder and chief executive of viagogo, who also co-founded StubHub while in business school. Baker left before the business was sold to eBay for $310 million in 2007.
Viagogo is a London-based company that specialises in ticket resales.
“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.
Investors initially took the news of the deal well, pushing eBay shares up by over 1 per cent to $35.57 a share on Wall Street.