Groupon sells its ticket seller stake
Online daily deal service Groupon is selling its controlling stake in Ticket Monster to a partnership formed by KKR and Anchor Equity Partners for $360 million.
Groupon purchased Ticket Monster, a South Korean online ticket seller, in January 2014 from LivingSocial Inc. in a $260 million cash-and-stock transaction.
As part of the deal with KKR and Anchor Equity, Groupon will receive $285 million in cash, while Ticket Monster will get the remaining amount. Groupon said it plans to use proceeds from the sale of the 46% stake for general corporate purposes and stock buybacks.