© Reuters. President of Guggenheim Partners Boehly takes half in a panel dialogue on the Milken Institute Global Conference in Beverly Hills
(Reuters) – Online ticket market Vivid Seats Inc stated on Thursday it had agreed to be taken public by a Todd Boehly backed blank-check agency, valuing the mixed firm at $1.95 billion.
The cope with Horizon Acquisition Corp will present $769 million in gross proceeds to Vivid Seats, together with a non-public funding of $225 million from buyers together with Fidelity Management & Research Company LLC and Eldridge Industries LLC.
Founded in 2001, Chicago-based Vivid Seats permits sale and buy of tickets for sporting occasions, live shows, theater and different reside occasions by way of its portal. It counts ESPN and The Rolling Stones amongst its companions.
Horizon, a particular objective acquisition firm led by Los Angeles Dodgers co-owner Todd Boehly, raised $500 million by way of an preliminary public providing (IPO) final 12 months. Boehly is the founding father of Greenwich, Connecticut-based Eldridge Industries.
SPACs are shell corporations that increase funds to take a non-public firm public by way of a merger, permitting the personal companies to sidestep the hassles and scrutiny related to an IPO.
Evercore is performing as monetary and capital adviser to Vivid Seats, whereas Credit Suisse (SIX:), Deutsche Bank (DE:) Securities and RBC Capital Markets are advising Horizon on the deal.
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