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FINANCIAL NEWS
Souq.com, Amazon finalize USD65mn acquisition deal
04 Jul 2017
(MENAFN) Dubai-based online retailer Souq.com proclaimed that its sale to e-commerce giant Amazon has been finished.
Meanwhile, the USD650mn deal, would allow Amazon to capitalize on Souq.com’s leadership in MENA region, accounting for 78 percent of e-commerce in the area.
Accordingly, users now could log into their website using their Amazon account even as both firms work on the next phase of the integration to bring more products.
Earlier, Emaar Malls, the retail unit of Dubai’s largest publicly-traded property firm Emaar offered USD800mn offer for Souq.com.
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MENAFN0407201700450000ID1095596693
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