Deals
EBay Sells StubHub to Viagogo for $4.05 Billion
- Viagogo says deal is backed by venture capital firms
- EBay had come under pressure from activist investors
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EBay Inc. is selling its ticket marketplace StubHub to European rival Viagogo for $4.05 billion in cash, allowing the company to focus on its main retail site and address pressure from shareholder activists.
Starboard Value and Elliott Management Corp., the New York-based hedge fund run by billionaire Paul Singer, earlier this year proposed a plan to improve EBay’s performance, including a sale of StubHub and the classifieds business. In March, the company agreed to add two directors to the board and pledged to launch a strategic review as part of the settlement with the hedge funds.