Vivid Seats Announces Acquisition of Wavedash
August 07 2023 - 4:05PM
Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats”), a leading
marketplace that utilizes its technology platform to connect
millions of buyers with thousands of ticket sellers across hundreds
of thousands of events each year, today announced that it has
entered into a definitive agreement to acquire WD Holdings Co.,
Ltd. (“WD Holdings” or “Wavedash”), an online ticket marketplace
headquartered in Tokyo, Japan. Vivid Seats will acquire Wavedash
for an enterprise value of approximately ¥8.7 billion, or
approximately $61 million*, in cash. The transaction is expected to
close in the third quarter of 2023, subject to regulatory
requirements and other customary closing conditions.
“Wavedash presents a strategically exciting and financially
accretive opportunity for Vivid Seats,” said Stan Chia, Vivid Seats
CEO. “Wavedash is the market leader in the Japanese secondary
ticketing market with a large and growing customer network
supported by robust technology and compliance capabilities. We are
excited to grow our TAM by expanding internationally with a market
leading business.”
“Today’s announcement represents another example of how we
utilize our strong balance sheet and cash flow profile to deliver
accretive and TAM-expanding opportunities that will deliver
long-term shareholder value,” added Lawrence Fey, Vivid Seats CFO.
“With approximately $35 million of revenue in the fiscal year ended
March 31, 2023, and accretive EBITDA margins, we are excited about
the strategic and financial impact Wavedash will bring.”
Following completion of the deal, Wavedash will operate as a
wholly owned subsidiary of Vivid Seats. Simmons & Simmons and
Nishimura & Asahi are serving as legal counsel to Vivid Seats.
BDA Partners is acting as financial advisor and TMI Associates is
serving as legal counsel to the shareholders of WD Holdings.
*USD equivalent based on ¥8.7 billion enterprise value
converted at a 142.3 JPY/USD exchange rate.
About Vivid Seats
Founded in 2001, Vivid Seats is a leading online ticket
marketplace committed to becoming the ultimate partner for
connecting fans to the live events, artists and teams they love.
Based on the belief that everyone should “Experience It Live,” the
Chicago-based company provides exceptional value by providing one
of the widest selections of events and tickets in North America and
an industry leading Vivid Seats Rewards program where all fans can
earn on every purchase. Vivid Seats has been chosen as the official
ticketing partner by some of the biggest brands in the
entertainment industry including ESPN, Rolling Stone and the Los
Angeles Clippers. Vivid Seats also owns Vivid Picks, a daily
fantasy sports app. Through its proprietary software and unique
technology, Vivid Seats drives the consumer and business ecosystem
for live event ticketing and enables the power of shared
experiences to unite people. Vivid Seats has been recognized by
Newsweek as one of America’s Best Companies for Customer Service in
ticketing. Fans who want to have the best live experiences can
start by downloading the Vivid Seats mobile app, going to
vividseats.com, or calling 866-848-8499.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. The forward-looking
statements in this press release relate to, without limitation:
regulatory requirements related to the transaction; the
satisfaction of closing conditions to the transaction; the timing
of the transaction; the anticipated benefits of the transaction;
and the operation of the companies following the transaction. Words
such as “expect,” “anticipate,” “target,” “goal,” “project,”
“intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “likely,”
“may,” “designed,” “would,” “future,” “can” and “could,” as well as
similar expressions which predict or indicate future events and
trends or which do not relate to historical matters, are intended
to identify such forward-looking statements. Forward-looking
statements are not guarantees of future performance, conditions or
results, and are subject to risks, uncertainties and assumptions,
many of which are outside of Vivid Seats’ control. Important
factors that could cause actual results or outcomes to differ
materially from those anticipated in the forward-looking statements
include, but are not limited to, those detailed in Vivid Seats’
most recent Annual Report on Form 10-K, subsequent Quarterly
Reports on Form 10-Q and other filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the date of this press release. Vivid Seats undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Contacts:
InvestorsKate
AfrickKate.Africk@vividseats.com
MediaJulia
YoungJulia.Young@vividseats.com
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