Monday, March 27, 2017 9:52:25 AM
http://www.globes.co.il/en/article-sky-fund-acquiring-groupon-israel-1001182674
The managers of the Israeli branch are also taking part in the acquisition.
Private equity fund Sky is acquiring control of electronic coupons company Groupon Israel from international company Groupon. The price is in the tens of millions of shekels. Also taking part in the acquisition are managers of Groupon Israel, headed by CEO Tomy Schoenfeld. The managers will continue in their positions after the expected completion of the deal in the coming weeks.
Groupon began doing business in Israeli in 2011, when it acquired the Grouper coupons website for an estimated $9 million. Grouper had no ground-breaking technology or special product. It was based on a successful idea, a large base of users, and a relationship with businesses and brands in Israel.
According to international company Groupon, the decision to sell control (as far as is known, just over 50%) now is due to the company's strategy of bringing a partner into subsidiaries in small international territories. At the same time, in recent years, electronic coupons business has been shrinking in Israel and worldwide, as reflected in the international company's share price on Nasdaq, which has plunged by over 80% since its 2011 IPO.
Published by Globes [online], Israel Business News - www.globes-online.com - on March 26, 2017
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