- Deal for 90% of shares values QuintEvents at US$313m
- Company also has existing partnership with MotoGP and NBA
Liberty Media has confirmed the acquisition of ticketing, hospitality and travel experiences company QuintEvents.
Formula One’s owner has acquired more than 90 per cent of QuintEvents in a transaction that values the company at US$313 million (UK£250 million).
Although, a Liberty Media statement reads that ‘the enhanced partnership creates numerous growth opportunities within F1 and for Quint’s other partnerships like the NBA, Kentucky Derby and MotoGP’.
QuintEvents has been partnered with Formula One since 2017, as the company operates the series' F1 Experiences trackside hospitality packages.
Through this acquisition, Liberty Media will also be gaining control of the Monaco Grand Prix’s corporate hospitality packages, which had previously been operated by Monaco Star Events before being acquired by QuintEvents in October last year.
“We are excited for Quint to join the Liberty family and strengthen our position in sports and live entertainment,” said Greg Maffei, president and chief executive of Liberty Media.
“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 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.”
Formula One and QuintEvents will continue to be operated as separate companies. The deal is expected to close by the end of the year.