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South Korea: LivingSocial sells assets to rival Groupon

 |  November 10, 2013

LivingSocial announced Friday it has entered into an agreement to sell its South Korean-based assets to rival Groupon in a $260 million deal.

Repots say the Korean business Ticket Monster will land in the hands of Groupon within the first half of 2014.

According to LivingSocial CEO Tim O’Shaughnessy, the sale will allow the company to focus on its “core platform.” The company acquired Ticket Monster in 2011; today, the executive said, the company is not aligned with LivingSocial’s strategic direction.

The deal remains subject to approval by South Korean regulators.

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