EBay to sell StubHub to Viagogo for about $4 billion in cash

  • EBay plans to sell StubHub to Swiss ticket vendor Viagogo for about $4 billion.
  • The sale is expected to close by the end of the first quarter of 2020, subject to regulatory approval and customary conditions.
  • Viagogo CEO Eric Baker co-founded StubHub while in business school and left before the company was sold to eBay for $310 million in 2007.

EBay announced plans Monday to sell StubHub to Swiss ticket vendor Viagogo for $4.05 billion in cash.

The sale is expected to close by the end of the first quarter, subject to regulatory approval and customary conditions.

Ebay shares rose 1% on the news.

Viagogo CEO Eric Baker co-founded StubHub while in business school. He left before the ticket-selling company was sold to eBay for $310 million in 2007 because of “differences” with his partner, Baker said on CNBC’s “Squawk on the Street.”

After leaving StubHub, Baker remained a shareholder but was not able to dictate the sale of the company to eBay.

“If it was up to me I wouldn’t have to buy it back because I never would have sold it, but everything worked out in the end,” Baker said.

Baker said he had been thinking about this for some time. “The opportunity to combine the two and have true global coverage just made too much sense,” he said.

“Eric clearly sees strong opportunity for the two businesses. He founded StubHub 19 years ago and feels so passionately about the business that he organized his people and the financial resources to buy it back. He is all in, which is fantastic for the company going forward,” a spokesperson for StubHub said in a statement.

When combined, StubHub and Viagogo will sell tickets across more than 70 countries, “giving fans seamless access to a wider selection of inventory around the world, while sellers, teams and artists will have the ability to more effectively reach a broader global audience,” the announcement said…

CLICK HERE TO READ MORE

Leave a Reply

Your email address will not be published. Required fields are marked *