Temasek’s Pavilion Capital joins KKR-led consortium to buy controlling stake in Ticket Monster

By Joji Thomas Philip

April 21, 2015

Pavilion Capital, controlled by Singapore state investment firm Temasek Holdings has joined the KKR-led consortium to buy a controlling stake in South Korean e-commerce site Ticket Monster (TMON) for $360 million.

Discount voucher company Groupon Inc. Monday said it had reached a deal to sell 46% in Ticket Monster to KKR & Co-led consortium that includes the company’s founder Daniel Shin, Hong-Kong based Anchor Equity Partners, Canada Pension Plan Investment Board and Pavilion Capital.

The deal will see Groupon receive $285 million in cash, with the remainder paid to TMON. Groupon acquired TMON in January 2014 for $260 million

The deal that values Ticket Monster at $782 million is expected to close in the second quarter, and will see Groupon book a gain of $195 million to $205 million on the transaction. The Chicago-based ecommerce conglomerate said it will use the proceeds for general corporate purposes and share buybacks. Groupon also pointed out that its board had recently approved a $300 million share-buyback program.

Post the deal, Groupon will continue to have a 41 percent stake in TMON.

“As the Korean market developed, it became obvious that TMON would benefit from additional resources and local expertise in its drive to be the leading social commerce company in Korea,” said Groupon CEO Eric Lefkofsky. “We look forward to watching TMON’s success as a continued large shareholder in the company,” he added.

Also Read:

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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