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I think Google would have just rebranded it as Google Groupon, let it die on the vine, and it would slump into the Google Graveyard.

I don't think there would be any reason to divest it, it has no manufacturing or anything that stands on its own.

Instead, Google created Google Offers. It then shuttered it a year or so later, refunding every transaction that had gone through it.

I was working for Amazon's bet (AmazonLocal -- https://local.amazon.com/) at the time. It lasted a bit longer, but was also eventually shut down.