Groupon has bought rival daily-deals site LivingSocial, The Wall Street Journal reported on Wednesday.
The acquisition is expected to close next month and the exact purchase value has not been released.
LivingSocial Inc. was previously valued at $1 billion but has been on a downward spiral of late, and cut half its workforce in March.
“Deals happen when they’re available out on the market,” Groupon Chief Executive Rich Williams said of the acquisition, according to the Journal. “The holiday season is a good time to get that done.”
Williams predicted that the purchase will add about 1 million active customers to Groupon, which currently has 29.1 million users.
Amazon invested at least $200 million in LivingSocial, but its peak value of $1 billion slipped to $242 million by the end of 2014. Amazon has since stopped investing in the email coupon company, according to the Journal.
Based in Washington, D.C., LivingSocial has gone through several rounds of layoffs in recent years. Meanwhile, the Chicago-based Groupon has also seen staff cuts around the world as part of a restructuring.