Groupon Surges Amid News That Goldman Sachs May Take A Stake In Ticket Monster
"Currently, Ticket Monster is 100 percent owned by Groupon...Groupon wants to sell at least a 20 percent stake and is also considering handing over managerial control, selling over half of its stake," according to the The Korea Times.
Groupon bought the company in 2013 for $260 million and "had originally said that it aimed to increase its market share in Asia through the acquisition of Ticket Monster, promising full support. However, in less than a year, it decided to put the company up for sale," according to the report.
The Korea Times noted that “Ticket Monster recorded 114.9 billion won in sales last year, but had an operating loss of 70.8 billion won. The country's social commerce industry is facing cutthroat competition among the top three players, Coupang, Ticket Monster and WeMakePrice, and this along with huge marketing expenses is reducing their profitability."
Groupon recently traded at $8.31, up 5.2 percent.
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