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A leading ticketing marketplace has added a big investor on its path to becoming public.
What Happened: Vivid Seats, which is going public with Horizon Acquisition Corp (NYSE:HZAC), announced that DraftKings Inc (NASDAQ:DKNG) is investing in the company.
The investment comes as part of the PIPE as the company completes its SPAC merger vote that was set for Oct. 14.
DraftKings will invest as part of the assumed portion of Eldridge Industries, an affiliate of Horizon’s sponsor. DraftKings will hold an option to sell the shares back on the one-year anniversary at $9.77 each.
“Like DraftKings, Vivid Seats is a technology-driven company aligned very closely with our customer-centric business model,” said DraftKings CEO Jason Robins.
Why It’s Important: DraftKings is a leader in daily fantasy sports and online sports betting. The company ended the second quarter with 1.1 million monthly unique paying users.
Todd Boehly is part owner of the Los Angeles Dodgers and Los Angeles Lakers. Boehly is behind the SPAC and also an investor in DraftKings.
“As an investor in both DraftKings and Vivid Seats, we are excited about the strategic benefits that both firms can derive from working with one another,” Boehly said.
The investment from DraftKings comes as Vivid Seats rival SeatGeek announced a SPAC merger with RedBall Acquisition Corp (NYSE:RBAC).
Price Action: HZAC shares closed Thursday up 9% to $11.28. Shares hit a new 52-week high of $11.78 earlier in the day.
