RedBall Acquisition and ticketing tech platform SeatGeek announced they have mutually decided to terminate their merger agreement, citing “current unfavorable market conditions, particularly impacting growth technology companies.” A vote of the SPAC’s shareholders on the deal had been schedule for today.
Andy Gordon, Partner at RedBird Capital, said, “SeatGeek is a great technology company with a proven track record of growth and strong momentum. However, given current market conditions, it was mutually determined that the best option for all parties at this time is for SeatGeek to remain private.”
The business combination had implied an enterprise value of approximately $1.35 billion.
RedBall is a $575 million SPAC, sponsored by an affiliate of RedBird Capital Partners under the control of “MoneyBall” figure Billy Beane.
The news release announcing the deal termination did not disclose the SPAC’s plans going forward. Redball’s deal deadline is Aug. 22. Read more.
