Washington-based LivingSocial spending millions to acquire GoNabit

Dubai: Washington-based LivingSocial, an online discount trove of social experiences at reduced prices, is spending millions of dollars to acquire Dubai-based GoNabit, a discount online gateway to adventure in four Middle East countries.

Financial terms of the multi-million dollar deal have not been revealed but landing 13-month-old GoNabit has made history in the Middle East on two fronts, LivingSocial said.

"A milestone in the development of the Middle East's group-buying industry, the announcement marks the first large-scale acquisition of an e-commerce company in the region, as well as LivingSocial's entry to this market," the US firm said in a statement.