Kevin Durant Invests in SeatGeek’s Merger With RedBall Acquisition Corp.
Brooklyn Nets star Kevin Durant and Qualtrics International Inc. co-founder Ryan Smith, the billionaire majority-owner of the Utah Jazz, are among investors backing ticketing platform SeatGeek’s merger with blank-check firm RedBall Acquisition Corp.
Durant’s Thirty Five Ventures and Smith have agreed to invest in the deal alongside institutional investors including venture capital firm Accel, an existing backer of SeatGeek, according to a statement, confirming an earlier Bloomberg report. The transaction, which includes $100 million private investment in public equity, or PIPE, gives the combined entity a roughly $1.35 billion enterprise value.
SeatGeek, led by Chief Executive Officer Jack Groetzinger, has partners including the Dallas Cowboys, Brooklyn Nets and Manchester City FC, as well as theaters across New York’s Broadway and London’s West End, its website shows. The company counts growth equity firm TCV, rapper Nas, Eli Manning, Peyton Manning and Carmelo Anthony’s Melo7 Tech Partners among its investors. Existing shareholders are expected to own 63.5% of the company.
