Ticket Seller Vivid Seats to Go Public Via Todd Boehly’s SPAC

Vivid Seats, a digital ticketing marketplace looking to benefit from the resumption of live performances, agreed to go public via a merger with Horizon Acquisition Corp., a blank-check firm led by Todd Boehly.

The parties expect the combined company to have a market capitalization of about $1.95 billion, they said in a statement Thursday. Bloomberg News reported last month that Vivid Seats was in advanced talks to go public through Horizon.

Ticket Seller Vivid Seats to Go Public Via Todd Boehly’s SPAC

Horizon shares were up 3.1% to $10.10 in premarket trading at 7:32 a.m. in New York.

Vivid Seats’ accommodating policies during the coronavirus pandemic have given it a “unique opportunity to drive outsized growth during post-pandemic recovery,” according to the statement. Horizon is sponsored by an affiliate of Eldridge Industries, a Greenwich, Connecticut-based investment firm founded by Boehly, an ex-Guggenheim executive who co-owns the Los Angeles Dodgers major league baseball team.

Vivid Seats will receive a total of about $769 million in gross proceeds from the transaction, the parties said. Institutional investors have committed to infusing $225 million into the combined company through a so-called private investment in public equity.

The deal is a boost to the market for special purpose acquisition companies, which saw months of torrid activity freeze up lately.

Evercore and Latham & Watkins advised Vivid Seats, while Credit Suisse, Deutsche Bank, RBC Capital Markets and Kirkland & Ellis advised Horizon.

©2021 Bloomberg L.P.

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