US Markets

Todd Boehly's SPAC to take Vivid Seats public in near $2 bln deal

Online ticket marketplace Vivid Seats Inc said on Thursday it had agreed to be taken public by a Todd Boehly backed blank-check firm, valuing the combined company at $1.95 billion.

April 22 (Reuters) - Online ticket marketplace Vivid Seats Inc said on Thursday it had agreed to be taken public by a Todd Boehly backed blank-check firm, valuing the combined company at $1.95 billion.

The deal with Horizon Acquisition Corp HZAC.N will provide $769 million in gross proceeds to Vivid Seats, including a private investment of $225 million from investors including Fidelity Management & Research Company LLC and Eldridge Industries LLC.

Founded in 2001, Chicago-based Vivid Seats allows sale and purchase of tickets for sporting events, concerts, theater and other live events through its portal. It counts ESPN and The Rolling Stones among its partners.

Horizon, a special purpose acquisition company led by Los Angeles Dodgers co-owner Todd Boehly, raised $500 million through an initial public offering (IPO) last year. Boehly is the founder of Greenwich, Connecticut-based Eldridge Industries.

SPACs are shell companies that raise funds to take a private company public through a merger, allowing the private firms to sidestep the hassles and scrutiny associated with an IPO.

Evercore is acting as financial and capital adviser to Vivid Seats, while Credit Suisse, Deutsche Bank Securities and RBC Capital Markets are advising Horizon on the deal.

(Reporting by Sohini Podder in Bengaluru; Editing by Vinay Dwivedi)

((sohini.podder@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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