Marbridge Daily

<- February 12, 2011 ->

Rumor: Tencent, Groupon Invest USD 100 Mln in Group Buy JV

DoNews, 2/12/11

According to an industry insider, Groupon and Tencent (0700.HK) have each invested USD 50 mln to take equal 50% stakes in their new group buy joint venture.

The source added that the Groupon team will oversee website operations for the new firm, but the company CEO has already been selected from the ranks of Tencent's strategy department and will report directly to Tencent CEO Pony Ma.

Editor's Note: For more background on this topic, please see "Rumor: Groupon Entering China in Tencent JV" MD 1/14/11 issue.

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