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Korea's online retailer Ticket Monster sold to Groupon

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(Globalpost/GlobalPost)

SEOUL, Nov. 8 (Yonhap) -- Ticket Monster Inc., a leading South Korean operator of online daily discount deals, said Friday that it has agreed to sell itself to its biggest competitor Groupon Inc.

Ticket Monster, a subsidiary of the Washington-based online deal-of-the day website operator LivingSocial, said it will be acquired by Groupon, the world's biggest operator of online daily discount deals within the first half of 2014.

If the deal is approved by the Fair Trade Commission, the country's antitrust watchdog, Ticket Monster will be a wholly owned subsidiary of Groupon, the company said.

According to foreign media, Groupon said Thursday that it has acquired Ticket Monster for US$260 million to prop up its mobile commerce in Asia two years after it was sold to LivingSocial in 2011.

Ticket Monster, locally known as TMON, is one of the fastest growing online retailers in South Korea.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/131107/koreas-online-retailer-ticket-monster-sold-groupon