Groupon Inc. on Friday said LivingSocial Inc. plans to sell all of its 13.8 million shares in the daily deals website, wsj.com reports.
LivingSocial received the Groupon stock as part of the $260 million sale of its Korean e-commerce firm Ticket Monster, which was completed Thursday.
Chicago-based Groupon said it will retain the Ticket Monster brand and leadership team. The company will maintain its headquarters in Seoul, where it employs about 1,000 people.
The deal for LivingSocial Korea, announced Nov. 7, consisted of $100 million cash and $160 million in Groupon Class A common stock.
LivingSocial Korea, excluding a divested Malaysian subsidiary, had gross billings of $572.7 million, revenue of $78.5 million and an operating loss of $38.7 million for the nine months ended Sept. 30, Groupon said.
