Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Amazon clinches deal to buy Middle East online retailer Souq.com
BackBack

Amazon clinches deal to buy Middle East online retailer Souq.com

Terms of the agreement between Amazon , Souq.com are not disclosed. The deal is expected to close in 2017

Amazon.com has won the battle to acquire Dubai-based Souq.com, after walking away from a deal earlier this year. Photo: ReutersPremium
Amazon.com has won the battle to acquire Dubai-based Souq.com, after walking away from a deal earlier this year. Photo: Reuters

London: Amazon.com Inc. has won the battle to acquire Dubai-based Souq.com, after walking away from a deal earlier this year.

Terms of the agreement were not disclosed in a joint statement from Amazon and Souq.com on Tuesday. The US e-commerce giant trumped an offer from Emaar Malls PJSC, the operator of the world’s biggest shopping center, which bid $800 million for Souq.com.

“Amazon and Souq.com share the same DNA — we’re both driven by customers, invention and long-term thinking," said Russ Grandinetti, senior vice president at Amazon, in a statement.

Amazon restarted negotiations after earlier talks put a price of as much as $650 million on the target, people familiar with the situation have said.

Souq.com was valued at $1 billion in its last funding round, people with knowledge of the matter said in April 2015. Souq.com’s existing investors include Tiger Global Management and South Africa’s Naspers Ltd. The deal is expected to close in 2017. Bloomberg

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 28 Mar 2017, 06:59 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie