Groupon is getting a $250 million investment from Atairos

NEW YORK (AP) - Groupon is getting a $250 million investment from Atairos and is working with Comcast to find potential collaboration opportunities.

Atairos, a private company started earlier this year, is led by Michael Angelakis. The former Comcast Corp. vice chairman and chief financial officer will become a Groupon board member.

Groupon, an online daily deal service, said that it will use proceeds for general corporate purposes, including stock buybacks. Its board has also approved adding $200 million to its existing share repurchase program and extending it through April 2018.

As part of the relationship, Comcast said it will work with Groupon to identify and implement potential strategic partnership opportunities.

"Groupon is an established leader in connecting customers with local businesses," said Neil Smit, president and CEO of Comcast Cable. "The potential in combining Groupon's local expertise with Comcast's vast subscriber and advertiser network is something we look forward to closely exploring together."

Chinese e-commerce powerhouse Alibaba Group Holding Ltd. disclosed in a regulatory filing in February that it purchased nearly 33 million shares of Groupon.

Shares of Chicago-based Groupon Inc. gained 46 cents, or 11.7 percent, to $4.38 in Monday morning trading.