Groupon buys rival LivingSocial
Groupon Inc. agreed to buy fellow daily-deals provider LivingSocial, uniting two top names in a once hot-sector that fell out favor with both investors and shoppers.
The deal value was undisclosed but the price wasn’t material. The transaction marks a quiet exit for LivingSocial, which was valued at USD 6 billion back in 2011.
Groupon has been moving away from its daily-deal roots, converting itself into an online marketplace, LivingSocial had turned to a strategy involving credit-card discounts at restaurants.
Valued at USD 16.7 billion when it went public in 2011, Chicago-based Groupon had a market capitalization of USD 3.02 billion at Wednesday’s close.
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