Gaopeng to combine with FTuan
Source: Bloomberg News |
June 27, 2012, Wednesday
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Print Edition
Print Edition
GROUPON Inc, the world's biggest daily coupon website, is combining its Gaopeng online commerce venture in China with FTuan, a company backed by local partner Tencent Holdings Ltd.
Gaopeng, in which Chicago-based Groupon owns a minority stake, will continue to offer its own brand alongside FTuan after the merger, according to a statement yesterday from Groupon and Tencent.
The transaction with FTuan, which provides consumers low-priced deals for dining and purchases, is part of Groupon's strategy to "strengthen" its investment in China, Groupon said. Terms of the deal weren't disclosed.
The deal comes more than 16 months after Groupon started Gaopeng with Tencent and Alibaba Group Chairman Jack Ma's Yunfeng Capital, entering the world's fastest-growing major economy to offer deals on apparel and travel packages.
Tencent, China's biggest Internet firm, said last month that it will invest US$1 billion in its e-commerce unit.
Gaopeng, in which Chicago-based Groupon owns a minority stake, will continue to offer its own brand alongside FTuan after the merger, according to a statement yesterday from Groupon and Tencent.
The transaction with FTuan, which provides consumers low-priced deals for dining and purchases, is part of Groupon's strategy to "strengthen" its investment in China, Groupon said. Terms of the deal weren't disclosed.
The deal comes more than 16 months after Groupon started Gaopeng with Tencent and Alibaba Group Chairman Jack Ma's Yunfeng Capital, entering the world's fastest-growing major economy to offer deals on apparel and travel packages.
Tencent, China's biggest Internet firm, said last month that it will invest US$1 billion in its e-commerce unit.
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