Groupon Inc. could divest four businesses in the next two years, netting as much as $730 million, to raise cash as it expands into an e-commerce marketplace, according to Gene Munster, an analyst at Piper Jaffray Cos.

Groupon has a market value of about $5 billion, though it should be closer to $6 billion because those businesses are undervalued, Munster said. A majority stake in its Ticket Monster business, which offers daily deals and e-commerce services in South Korea, could fetch about $500 million, while smaller units might yield between $30 million and $100 million each, he said.

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