REUTERS - June 27 - Groupon's Gaopeng China joint venture with Tencent Holdings will merge with lifestyle daily-deals site, Ftuan, which is also backed by Tencent. Groupon will be a minority shareholder in the new company, as it is in Gaopeng. Financial terms of the deal were not disclosed. China's group buying industry was worth 1.73 billion yuan ($272M) in the Q1 this year, according to iResearch.
by Melanie Lee
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