US media giant Liberty Media has agreed a deal to purchase QuintEvents, the travel and events company that provides ticketing and hospitality services for major sports and entertainment rightsholders.
Liberty, which also owns motor racing’s Formula 1 (F1), will acquire more than 90% of Quint for $313 million, it was unveiled yesterday (September 6).
The company will be attributed to Liberty Media’s Formula One Group. F1 and Quint will continue to be operated as separate companies, however.
The events firm already has a relationship with Liberty through a hospitality-focused partnership with F1.
Since 2017, QuintEvents has operated F1 Experiences, which offers exclusive fan package experiences and trackside hospitality at races.
The deal is expected to close by the end of the year and is subject to customary closing conditions, including applicable antitrust filings.
Liberty said the enhanced partnership “creates numerous growth opportunities within F1 and for Quint’s other partnerships like the NBA [basketball], Kentucky Derby [horse racing], and MotoGP [motorcycling].”
QuintEvents also serves as the official ticketing provider for the LIV Golf series, through a deal announced last year.
Greg Maffei, Liberty Media president and chief executive, said: “We are excited for Quint to join the Liberty family and strengthen our position in sports and live entertainment.
“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 its expertise in product development and sales through its creation of the F1 Experiences program. 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.”
Ruede, Quint’s chief executive, added: “We could not be more thrilled for the Quint team to join forces with Liberty Media. 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.”
Ruede was promoted to chief executive at the start of the year with Learst transitioning to executive chairman. Learst founded Quint in 2002 and previously led the company as chief executive for over 20 years.
JP Morgan acted as Quint’s exclusive financial advisor, while Bryan Cave Leighton Paisner served as the company’s legal advisor. O’Melveny and Myers was Liberty Media’s legal advisor in the deal.