Groupon acquires South Korea's Ticket Monster
Groupon, a deal-of-the-day website headquartered in Chicago, USA, recently made public its third quarter revenues and plans to acquire South Korea's Ticket Monster next year. The e-commerce company, which had made its fortune by featuring discounted gift certificates on its website, reported revenue of USD595.1 million for 3Q13, with sales rising by 4.7%. Meanwhile, its net losses for the same quarter stood at USD2.58 million.
Groupon provided its fourth quarter forecast revenue for 2013 of USD690 million to USD740 million and an operating income of USD40 to USD60 million.
To complete its transition towards becoming a mobile commerce marketplace, Groupon announced its plans of acquiring South Korea's Ticket Monster for USD260 million, according to a report by Bloomberg.
Groupon would purchase Ticket Monster from competitor LivingSocial Inc. for USD100 million in cash and the remaining amount in Groupon shares. Groupon's acquisition of the said deal website is expected to be completed in the first half of next year.
With millions of customers, the acquisition of Ticket Monster would make South Korea Groupon's second-largest market next to the US, the report said.