, a Chicago tech staple, announced today it has raised $250 million from Atairos — a private investment company led by Michael Angelakis, Comcast’s former CFO and Vice Chairman.
"We are excited to be partnering with Groupon, the undisputed global leader in hyper-local commerce with nearly 50 million active customers," said Angelakis, who will be joining Groupon’s board of directors as part of the deal, in a statement.
“The reputation, strategic insights and operational acumen of Michael and his team will be a welcome addition to our company,” said Groupon co-founder and chairman Eric Lefkofsky in a statement. “Michael joins a talented and dedicated Board, and brings a valuable perspective as we continue to scale our local business.”
Groupon and Comcast will be exploring opportunities for strategic partnerships, drawing on Comcast’s wide range of subscribers and advertising partners, as well as Groupon’s experience in building connections between businesses and consumers on the local level.
“The potential in combining Groupon's local expertise with Comcast's vast subscriber and advertiser network is something we look forward to closely exploring together," said Comcast CEO and President Neil Smit in a statement.
Following the deal, Groupon, which sold its one billionth groupon in February, will be expanding its share buyback program by $200 million.
Images via Groupon.