Vivid Seats (NASDAQ:SEAT) stock is undergoing a major rally on Tuesday after the online tickets reseller announced its acquisition of Vegas.com.
Vivid Seats is using a mix of cash and stock to acquire Vegas.com in a deal that is valued at about $240 million. That offer is split between $151.2 million in cash and $88.8 million in shares of SEAT stock.
Stan Chia, CEO of Vivid Seats, said the following about the company’s acquisition of Vegas.com:
“This transaction will increase our scale and reach in this key market, bring incremental unique inventory through strategic partnerships and offer long-term synergistic upside, while increasing our TAM by over $6 billion.”
How This Deal Benefits SEAT Stock
Vivid Seats’ acquisition of Vegas.com grants it a strong relationship with travelers heading to Las Vegas. The website acts as a hub for entertainment planning during trips to the city. That includes setting up flights and hotel stays for visitors, as well as selling them tickets for events taking place in and near the city.
Investors in SEAT stock are excited about the purchase with shares climbing 8.2% higher as of this writing. This comes with some 891,000 shares changing hands. That’s already above the company’s daily average trading volume of about 493,000 shares.
Investors that are looking for more of the most recent stock market stories today are in the right place!
InvestorPlace is home to all of the biggest stock market happenings that traders need to know about on Tuesday! That includes what’s going on with shares of Lucid Motors (NASDAQ:LCID) stock, Ault Alliance (NYSEMKT:AULT) stock and Peloton (NASDAQ:PTON) stock today. You can find out more on these matters by checking out the links below!
More Tuesday Stock Market News
- LCID Stock: Lucid Motors Says It Will Adopt Tesla’s Charging Standard
- Ault Alliance (AULT) Stock Pops 11% on Financing Agreement
- PTON Stock Slumps as Deutsche Bank Downgrades Peloton
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
