Purchase of StubHub finally agreed
Following the announcement earlier this year that viagogo was set to sell Stubhub’s international business, the Competitions and Markets Authority (CMA) has now agreed to the purchase of the StubHub International Business by Digital Fuel Capital LLC and this was completed on the 3rd September.
Viagogo purchased Stubhub from eBay in 2019 in a deal worth £3.1bn, but it didn’t take long for the CMA to find competition concerns as a result of the merger.
Earlier this year, viagogo was then set to sell Stubhub following the conclusion by the CMA that the merger between the two ticket exchange and resale companies would lead to a substantial reduction in competition in the secondary ticketing market in the UK.
Official statement from the Competitions and Markets Authority
The official statement from the Competitions and Markets Authority stated: “We have agreed the purchase of the StubHub International Business by Digital Fuel Capital LLC and this completed on 3 September.
“This follows our announcement on 9 April that we had accepted undertakings from viagogo to sell the StubHub International Business – StubHub’s business outside North America, including in the UK – to a purchaser approved by the CMA. The sale brings our viagogo / StubHub merger investigation to a close.
Following the CMA’s decision, Cris Miller, Vice President of Business Development at viagogo, commented: “We are pleased to confirm a buyer for StubHub International has been approved by the UK Competition and Markets Authority. This brings to an end the investigation into the much-anticipated merger of viagogo and StubHub North America, which is now cleared to proceed.
“We appreciate the CMA’s role in bringing the merger to this conclusion, and we look forward to sharing more details about the integration of the two businesses with our loyal customers and partners very soon.
“As the live events industry emerges from the Coronavirus pandemic, robust competition in the ticketing market is needed more than ever and viagogo will continue to take its’ essential role in the live events industry very seriously.
“Viagogo and StubHub will always remain committed to working with regulators, while providing safe and secure platforms for people to buy and sell tickets to events all over the world.”