27.10.2016 21:02:57

Groupon Buys LivingSocial

(RTTNews) - Daily coupon site Groupon Inc. (GRPN) has agreed to buy smaller competitor LivingSocial.

Groupon did not to disclose the deal value but said the price wasn't material. LivingSocial was partly owned by Amazon.com Inc. The deal is expected to close in early November.

Groupon will gain about 1 million active customers from the acquisition. The company ended its third-quarter with 29.1 million users.

LivingSocial was founded in 2007 and was worth about $6 billion during its peak in 2011. It had as many as 70 million members in 2013.

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