Vivid Seats Inc., an online concert, sports and theater ticket marketplace, has entered into a definitive transaction agreement with Horizon, a publicly-traded special purpose acquisition company, Horizon Sponsor LLC and certain other parties thereto, that will result in Vivid Seats becoming a public company.
The new company, which will be led by Vivid Seats CEO Stan Chia, will continue to be managed by its experienced management team, including CFO Lawrence Fey. Todd L. Boehly, chairman and CEO of Horizon and Eldridge, will join the Vivid Seats board of directors.
“We are thrilled to partner with Horizon, bringing together the trusted Vivid Seats brand and our deep expertise in the live events industry with a portfolio of unique and accretive relationships brought by Horizon that can accelerate our growth,” Chia said. “With our Vivid Seats Rewards loyalty program and outstanding customer service, we are poised to drive growth while continuing to innovate and improve the user experience for our loyal customers.”
Boehly commented, “We are pleased to bring Vivid Seats to the public markets. With its favorable mix of live events, and its growing list of strategic partners, Vivid Seats has built an impressive technology platform, as well as a substantial customer base. Vivid Seats is a scaled, growing and highly profitable marketplace that will be well positioned to drive continual long-term growth.”
Evercore is acting as exclusive financial and capital advisor to Vivid Seats. Latham & Watkins LLP is acting as legal advisor to Vivid Seats. Credit Suisse is acting as lead financial and capital markets advisor to Horizon. Deutsche Bank Securities and RBC Capital Markets are also acting as financial and capital markets advisors to Horizon. Kirkland & Ellis LLP is acting as legal advisor to Horizon. Credit Suisse and Evercore acted as co-placement agents on the private offering.