Vegas.com online travel,ticketing company sold for $240 million

US online ticket trading and resale company Vivid Seats Inc. has acquired Vegas.com in a $240 million cash and stock deal, the company confirmed on Tuesday.

Chicago-based Vivid announced the deal during the company's earnings call with investors. The Wall Street Journal reported on the deal earlier.

Vivid CEO Stan Chia said the company is expanding through two acquisitions following the company's strong market growth in the third quarter.

Chia said the deal to acquire Vegas.com shows Vivid's confidence in the city's live entertainment market.

"The demand for live events has never been more apparent, and we are seizing that advantage at Vivid Seats," he said in a press release. "Our focus on fostering buyer loyalty continues to bring results, with repeat rates rising and growing faster than expected. Our business is more favourable than ever, and after announcing our international TAM (Total Aimed Market) expansion through the acquisition of Wavedash last quarter, we are pleased to announce further TAM expansion through the acquisition of Vegas.com."

Chia views Vegas.com as "a strategic asset that will enhance our scale and presence in the coveted entertainment capital of the United States"

Vegas.com LLC, a privately held online travel agency founded in 1998 by Las Vegas Sun owner Greenspun Corp. was sold to Remark Media in 2015 for $15.5 million in cash, $9.5 million in stock and additional stock options.

News source: reviewjournal