Wary of Cash-Rich Rivals, Major Group-Buying Sites Merge
(Beijing) – Two major group-buying websites have announced they will merge, a move one investor says is a preemptive effort to ward off cash-rich competitors.
Meituan.com and Dianping.com published a statement on October 8 announcing a merger they said is supported by investors.
Meituan CEO Wang Xing and Dianping CEO Zhang Tao will run the new firm, the statement said. The companies will keep their own brands, websites and teams after the merger.
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