Groupon Inc. (Nasdaq: GRPN) is paying $260 million for LivingSocial Inc.’s Ticket Monster (TMON) business.
The business sells daily deals and consumer goods in South Korea.
Deal company Groupon will buy Ticket Monster’s holding company, LivingSocial Korea. The purchase price works out to about $100 million in cash and about $160 million in Groupon stock.
The deal should allow Living Social, which announced a strategic refocusing in September, to focus on its core business. The Washington, D.C.-based company offers discounted services online.
“Today, TMON, while a great company, does not match our strategic direction, given that over half its business is goods oriented. This sale will enable us to invest more aggressively in our marketplace innovation, product development and marketing in the US and other regions in which we operate,” says Living Social CEO Tim O’Shaughnessy.
In September, Groupon bought SideTour, a New York company that aims to connect customers with experts who can provide city tours. In September 2012, the company bought Savored, a restaurant reservation company, for an undisclosed amount.