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US Tiger Global acquires 65m shares in Groupon  Join our daily free Newsletter

MENAFN - 20/11/2012

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(MENAFN) Tiger Global Management LLC has bought a 9.9 percent stake in the Chicago-based Groupon for USD201.8 million, Bloomberg reported.

The USD8 billion hedge fund has acquired 65 million shares in the deal-of-the-day company, which faces slowing revenue growth as demand for online coupons fades.

Tiger Global also has stakes in struggling Internet portal Yahoo! Inc. and Facebook Inc.

To expand its business, Groupon has tried to establish itself as a local e-commerce company. It now sells electronic gadgets and other goods.

Groupon backers divesting stakes include Battery Ventures, which sold all of its 15.99 million shares earlier this year, and Andreessen Horowitz, which sold its 5.1 million shares in June.

Eric Lefkofsky, the chairman and largest shareholder in Groupon, transferred 18.7 million of his company's shares to early investors, consultants and advisers in August.

 






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