Tags: tiger | groupon | stake | deals

Tiger Global Takes 9.9 Percent Stake in Groupon Daily Deals Site

Tuesday, 20 Nov 2012 06:52 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Tiger Global Management LLC, the $8 billion hedge fund run by Chase Coleman and Feroz Dewan, acquired a 9.9 percent stake in daily deal site Groupon Inc. as it bets on technology companies attempting turnarounds.

The New York-based firm bought 65 million shares in Groupon, a stake valued at $201.8 million based on Monday’s closing price of $3.11, according to a filing with the U.S. Securities and Exchange Commission.

The investment is a sign of confidence that Groupon, which has declined 84 percent since its November 2011 initial public offering, can find new channels of growth as demand for online coupons fades. Tiger Global also has stakes in struggling Internet portal Yahoo! Inc. and Facebook Inc., operator of the world’s largest social network.

Groupon plunged to a record low of $2.63 this month after reporting third-quarter revenue that missed estimates. It sold shares at $20 apiece in its IPO, valuing the company at about $12.7 billion.

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.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved