Bending Spoons is dropping around $500 million in cash to scoop up Eventbrite, which is pretty wild considering the San Francisco ticketing platform was valued at $1.8 billion before going public back in 2018. The Milan-based private equity outfit has a track record of buying tech brands that lost their shine, and shareholders are getting $4.50 per share, which is way better than what the stock was doing before the announcement dropped.
Eventbrite has been struggling hard with flat revenues hovering around $325 million and ticket sales sliding down by over 10 percent. Bending Spoons CEO Luca Ferrari says they want to add messaging features, throw some AI into event creation tools, and build out a secondary ticket marketplace to juice things up.
The deal needs regulatory approval plus shareholder votes before closing, and once that happens, Eventbrite will ditch the New York Stock Exchange to go private under new ownership.
Eventbrite has been struggling hard with flat revenues hovering around $325 million and ticket sales sliding down by over 10 percent. Bending Spoons CEO Luca Ferrari says they want to add messaging features, throw some AI into event creation tools, and build out a secondary ticket marketplace to juice things up.
The deal needs regulatory approval plus shareholder votes before closing, and once that happens, Eventbrite will ditch the New York Stock Exchange to go private under new ownership.
