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The Gap Partnership

LivingSocial completes acquisition of TicketMonster

The deal will expand the US company's activities into 23 countries.

03 August 2011

US-founded daily deal service LivingSocial is expanding its market share after completing business negotiations with TicketMonster.

The agreement will see the former - which currently serves over 40 million people worldwide - take over the largest social commerce website in South Korea.

Once regulatory approval has been sealed, it means LivingSocial will have a presence in 23 countries, including the US, UK, Philippines, Thailand and Indonesia.

Tim O'Shaughnessy, chief executive officer and co-founder of LivingSocial, noted he is glad TicketMonster is coming "into the ... family".

"[The two] share the same culture of innovation, customer focus and fun and we believe that the benefits we bring to consumers can be extended to other markets," he added.

Now the international business negotiations are finished, it has been revealed TicketMonster's 600 employees will be retained and moved under the LivingSocial banner.

The latter also recently launched daily deals in nine new markets in the US.

Posted by David Gleck
 

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