Viagogo’s $4 billion acquisition of StubHub faces further scrutiny after the U.K.’s competition watchdog opened an “in-depth investigation” into the merger.
LONDON --
If the CMA rules that the merger of Viagogo and StubHub does substantially restrict competition in the U.K.'s secondary ticketing market it can push for Viagogo to divest all or part of the acquired business. Because of the CMA’s ongoing investigation and an enforcement order it filed in February, just prior to the deal closing, the two companies must continue to remain separate and distinct until a final ruling has been made.
Following Thursday’s confirmation of a Phase 2 investigation, StubHub said it would fully cooperate with the U.K. watchdog as it conducts its inquiry. “During this period, the StubHub and Viagogo brands and operations will continue to be held separate as agreed with the CMA,” said a spokesperson in a statement provided to“We look forward to the day when the companies can combine to provide consumers wider access to their favourite events,” they added.
“We are therefore concerned that this transaction could lead to customers losing out through higher prices, less innovation and a lack of real choice,” said Andrea Gomes da Silva, CMA’s executive director for markets and mergers. Those fears are shared by non-profit organization the Face-value European Alliance for Ticketing , representing live event companies from across Europe.
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