HZAC - Vivid Seats sets SPAC deal with Dodgers co-owner Todd Boehly's Horizon Acquisition Corp.

Los Angeles Dodgers co-owner Todd Boehly’s Horizon Acquisition Corp. (HZAC) has agreed to acquire online ticket-seller Vivid Seats in a SPAC deal that reportedly values the company at about $2.5B.Plans call for Vivid to receive some $769M in gross proceeds, including $225M from a private investment in public equity (or “PIPE”) that includes Boehly’s Eldridge Industries LLC and Fidelity.Eldridge also committed to making additional investments if necessary to make up for any redemptions of HZAC shares by investors in the special purpose acquisition company who don’t like the deal.The two sides didn’t officially disclose what valuation Vivid Seats will have following the merger, but previous reports about deal talks put the company’s value at some $2.5B.HZAC was up 3.1% in premarket trading on the news, trading at $10.10 shortly after 8:45 a.m. ET.This is a developing story. Check back for updates.

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Vivid Seats sets SPAC deal with Dodgers co-owner Todd Boehly’s Horizon Acquisition Corp.