Shares of Groupon (GRPN) rallied in morning trading after the company announced a $250M investment from Atairos, the company founded by former comcast (CMCSA, CMCSK) vice chairman and chief financial officer Michael Angelakis. As a result of the investment, Groupon said that Comcast will work with it to identify and implement possible partnership opportunities and said its board approved an increase to its share buyback program.

ATAIROS INVESTMENT: Before the market open today, Groupon said it entered into an agreement to receive a $250M investment from Atairos. As part of the agreement, Michael Angelakis, chairman and chief executive officer of Atairos, will join Groupon's board of directors. Commenting on the investment, Angelakis said that Atairos is looking forward to working with Groupon as they “pursue their strategic growth objectives.”

COMCAST INVOLVEMENT: As part of the relationship between Groupon and Atairos, Comcast will work with Groupon to explore potential strategic partnership opportunities. Commenting on the move, Comcast Cable president and CEO Neil Smit said that 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.”

BUYBACK: Groupon said it intends to use the proceeds of the investment for general corporate purchases, including stock repurchases. The company added that its board approved a $200M increase to existing share repurchase program and extended the program through April 2018.

WHAT'S NOTABLE: On February 15, Alibaba Group (BABA) disclosed in a regulatory filing that it owned 32.97M shares of Groupon, or 5.6%, as of December 31, 2015. Following the disclosure, several media reports speculated over a potential strategic partnership or even an acquisition offer for Groupon by the Chinese e-commerce giant.

PRICE ACTION: In morning trading, Groupon gained 13.78% to $4.46.