Ticketing tech platform SeatGeek and RedBall Acquisition today announced a definitive business combination agreement to take SeatGeek public. The announcement confirms earlier reporting that a deal was imminent.
The business combination implies an enterprise value of approximately $1.35 billion. If approved, and assuming no redemptions by RedBall public shareholders, the current owners of SeatGeek will hold approximately 63.5% of the combined company and current RedBall shareholders will hold approximately 28.5%.
The company will receive proceeds of $575 million cash held in trust, less any deferred underwriting commissions, transaction expenses and redemptions, along with $90.5 million from a committed PIPE and $9.5 million from a committed PIPE of a warrant to purchase 950,000 shares of SeatGeek common stock.
RedBall is a $575 million SPAC, sponsored by an affiliate of RedBird Capital Partners under the control of “MoneyBall” figure Billy Beane. RedBird’s current and prior investments in sports, media, and ticketing include the YES Network, On Location Experiences, Skydance, Wasserman, OneTeam Partners, Fenway Sports Group, the XFL, Toulouse FC, and the IPL’s Rajasthan Royals. Read more.
