StubHub has a new owner. The user-friendly secondary ticket sales/purchasing platform confirmed it has been sold to Swiss ticket vendor Viagogo for $4.05 billion. The acquisition comes 12 years after StubHub was initially purchased by eBay in 2007 for a reported $310 million.

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According to a New York Times report shared on Tuesday, StubHub raked in $1.1 billion in ticket fees last year from a whopping total of $4.75 billion in overall sales. Although Viagogo offers its services on an international level in 70 countries, its customers mainly come from Continental Europe and Britain. The acquisition of StubHub will greatly increase its profit coming from North American consumers.

“We bring international coverage, and StubHub has got phenomenal coverage in the U.S.,” StubHub co-founder Eric Baker told NYT. “When you put the two together, you’re giving fans access to almost any ticket anywhere, in any language and in any currency.”

Both parties expect the deal to close in early 2020, but will not come without regulatory scrutiny from industry experts and fans alike. As the Times notes, “Lawmakers and regulators on both sides of the Atlantic have shown increasing concern about online ticket sales and their fairness to consumers. Prices have continued to climb as the once-clear lines between primary ticket sales — those made directly by a team or a venue’s box office — and secondhand sales through StubHub, Viagogo or even Ticketmaster have become blurred.”

Adam Webb of FanFair Alliance called the acquisition a “desperate move by both parties” in the New York Times report, adding that his organization would continue to tell music fans to avoid those sites. “News of this acquisition should be a major concern for both audiences and music businesses,” said Webb, “especially if Viagogo, a company that recently had a court order hanging over its head and is still the subject of a C.M.A. investigation, uses this process as an attempt to detoxify its brand.”

[H/T The New York Times]