Bending Spoons agrees to buy Eventbrite for $500M

Bending Spoons has agreed to acquire Eventbrite for $500 million, the latest move in what's becoming one of the most aggressive digital consolidation strategies in tech. The Milan-based company is quietly assembling a portfolio of beloved but neglected internet brands, transforming them through radical operational overhauls that prioritize efficiency over sentimentality.

The Eventbrite deal offers shareholders $4.50 per share in cash—an 82% premium over the company's recent trading price—while ending the ticketing platform's eight-year run as a public company. For Bending Spoons, it represents another calculated bet on what CEO Luca Ferrari calls "unexpressed potential" in established digital properties.

The Pattern Emerges

Eventbrite joins a remarkable collection of internet nostalgia that includes Vimeo ($1.38 billion), AOL (undisclosed), WeTransfer, Evernote, Meetup, and Brightcove. Individually, these acquisitions might seem opportunistic. Together, they reveal a systematic approach to digital archaeology—rescuing recognizable brands that have lost their way or been abandoned by owners seeking exits.

What sets Bending Spoons apart from traditional private equity is its stated commitment to permanent ownership. The company "aims to hold forever, and has never sold an acquired business," according to its materials. This isn't financial engineering or asset stripping—it's empire building with a 12-year timeline and an $11 billion valuation to support the vision.

The Transformation Playbook

Bending Spoons' post-acquisition approach follows a predictable pattern that prioritizes long-term sustainability over short-term comfort. After acquiring Evernote, the company laid off all existing staff and relocated operations to Europe. WeTransfer lost 75% of its workforce following acquisition, while both platforms saw significant cuts to their free offerings.

The strategy reflects Ferrari's philosophy of radical transformation: "We roll up our sleeves and try to transform them so they are a lot more successful in the long run," he explained. This includes rewriting code, redesigning interfaces, optimizing monetization, and rebuilding organizations from scratch. It's intensive, disruptive work that treats beloved products as raw material rather than cultural artifacts.

Strategic Context

The Eventbrite acquisition demonstrates Bending Spoons' expanding ambitions and financial capacity. The company recently secured $2.8 billion in debt financing from twelve international banks, providing ammunition for continued acquisitions while maintaining its all-cash approach.

For Eventbrite, the timing reflects market realities rather than strategic vision. The company's stock had declined 26% year-to-date and struggled to find sustainable growth in the post-pandemic events landscape. Bending Spoons' premium offer provided shareholders with immediate value while removing the uncertainty of public market performance.