Groupon is buying main competitor LivingSocial

By October 27, 2016Uncategorized
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CHICAGO — Groupon Inc. said Wednesday it has agreed to buy LivingSocial Inc., its main competitor in the daily-deals industry.

Chicago-based Groupon said in its third-quarter earnings report that it entered into the agreement with Washington, D.C.-based LivingSocial on Monday.

The deal is expected to close next month.

Groupon (NASDAQ: GRPN) did not disclose the value of the deal but said, “The acquisition consideration is not material.”

Also on Wednesday, Groupon reported a loss of $38…