Photo by Philip Myrtorp on Unsplash
Formula 1 owner Liberty Media has acquired QuintEvents in a deal that values the ticketing and hospitality group at €313m.
Quint already packages and sells ticket and hospitality inventory for Formula 1 and other sporting event rightsholders including the NBA and Kentucky Derby. Liberty Media said the enhanced partnership creates numerous growth opportunities, accelerating Quint’s sales engine and leverage onsite event expertise to deliver best-in-class experiences to fans.
Liberty Media will acquire more than 90% of the North Carolina-headquartered business under the terms of the deal. The transaction is likely to be completed before the end of this year with the two organisations to operate as separate businesses.
Liberty Media, which acquired Formula 1 for $4.4bn in 2017, was recently ranked by Forbes as the world’s most valuable sports empire.
“We are excited for Quint to join the Liberty family and strengthen our position in sports and live entertainment,” said Greg Maffei, Liberty Media’s president and chief executive.
“Brian Ruede, Brian Learst and their team have built an innovative business that delivers unique consumer experiences at the world’s most sought-after events.
“Quint is a high-growth company with attractive free cash conversion. As a commercial partner to F1, Quint has proven their expertise in product development and sales through their creation of the F1 Experiences programme. We have high conviction in the demand for premium, live events and will work with Quint’s management to enhance F1 offerings and bring Quint’s services to more sports.”
Evolution of growth
Quint has a portfolio of more than 15 official property partnerships servicing over 90 events including Formula 1, NBA, Kentucky Derby, MotoGP, Chicago Bears, Green Bay Packers, NASCAR Chicago Experiences, Breeders Cup, Belmont Stakes and the NHL.
“We could not be more thrilled for the Quint team to join forces with Liberty Media,” said Brian Ruede, Quint’s chief executive. “This has been an incredible journey and is a transformative moment for Quint and our position in the experiential and travel economy.
“Liberty Media is the right partner for our next evolution of growth. Together, we can deepen our commitment to our existing partnerships through the continued development of our tech stack and service offering, while providing a pathway to expand into complementary vertical markets that will enhance our customer and partner experience. This is just the beginning.”
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