October 19, 2011 / 4:10 AM / in 8 years

Kgbdeals agrees to acquire TheDealist: source

(Reuters) - Kgbdeals, a daily deal company that competes with Groupon and Living Social, has agreed to acquire rival TheDealist, a person familiar with the transaction said on Wednesday.

The acquisition will help kgbdeals expand in New York City, where TheDealist launched in 2010, said the person, who asked not to be named because the transaction has not yet been announced.

Kbgdeals plans to buy other local daily deal companies in coming months, the person said.

TheDealist co-founders Eli Brill and Isabella Chung will join kgbdeals as part of the acquisition, the person said.

Reporting by Alistair Barr

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