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Amazon clinches deal to buy largest Mideast e-retailer Souq.com

In reaching the agreement with Souq.com, Amazon has beaten off an $800 million offer from Emaar Malls

Ahram Online , Tuesday 28 Mar 2017
A truck is parked at the entrance of the Souq.com warehouse in Dubai (Reuters)
A truck is parked at the entrance of the Souq.com warehouse in Dubai (Reuters)
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Amazon.com has agreed in principle to acquire Souq.com, the largest online retailer in the Middle East, the two companies said in a joint statement on Tuesday.

The value and terms of the agreement were not disclosed by the two companies.

The deal is expected to be finalized this year "subject to closing conditions," the statement said.

"We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region," said Souq.com chief executive officer and co-founder Ronaldo Mouchawar.

"By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon's great track record of empowering sellers."

Earlier this year, Amazon pulled out of talks with Souq.com, but later restarted discussions. Although neither company confirmed the final figure agreed upon, earlier reports on the negotiations had involved a figure of around $650 million.

In clinching the deal, the US e-commerce giant beat off competition from Dubai-based Emaar Malls, which had bid $800 million to acquire Souq.com.

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