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August 13, 2010
Rumor: Groupon to Acquire China Group Buy Site
Sina Tech, 8/13/10
US-based group purchasing website Groupon is stepping up efforts to enter the China market, an industry source says, and is in talks with Chinese group buying website 24Quan.com to acquire the site as its China subsidiary. Details of the deal, including financing and specifics of the acquisition, have yet to be finalized, but the arrangements should be complete within the next one to two months. The source also revealed that the acquisition price could top USD 20 mln. 24Quan has not commented on the rumor.
Wang Xing, founder of Beijing-based 24Quan rival Meituan.com, was reportedly also approached by a representative of Groupon after the site launched, regarding a possible investment or acquisition; Wang declined.
Feng Xiaohai, founder of Manzuo.com, said that he had also been approached by Groupon, and that he had also declined the company's offer to invest in or acquire Manzuo.
Keywords: overseas Feng Xiaohai e-commerce Internet Wang Xing Meituan group buying 24quan Groupon Manzuo M&A
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