Groupon announced an agreement to acquire LivingSocial's Ticket Monster when it reported its Q3 earnings in November. On Friday, Groupon announced that it has closed the acquisition.
Groupon paid $260 million in cash and stock for the Korean ticketing company. More specifically, that's $100 million in cash and $160 million in Groupon Class A common stock for Groupon rival LivingSocial.
Ticket Monster will retain its brand and leadership team, including CEO Daniel Shin. Ticket Monster will also keep its headquarters in Seoul, where it employs about 1,000 people.
The acquisition is part of Groupon's acquisition of LivingSocial Korea, the holding company that owns Ticket Monster, though LivingSocial Korea's Malaysian subsidiary was divested, and isn't included in the transaction.
“Ticket Monster has been successful building a mobile commerce business in one of the largest markets in the world," Groupon CEO Eric Lefkofsky said upon the acquisition's announcement. "It will serve as the cornerstone of our Asian business, bringing scale and ecommerce expertise to that region.”
Image: Ticket Monster