Bloomberg announced that the US online shopping giant Amazon has approved to acquisition the UAE’s Souq.com site, which considered one of the biggest E-commerce websites in middle east region.
how much did the deal cost?
the american online shopping company Amazon, bought the Dubai-based online trade site Souq.com, for as much as 650 million american dollar, after Majid Al Futtaim had all pulled out of bidding.
In its last funding round, Souq.com was valued at 1 billion american dollar.
Amazon walked away from buying Souq.com deal
Amazon had previously refused to acquire Dubai-based Souq.com after a disagreement over the price, Amazon was in talks in November to buy Souq.com for 1 billion dollar.
Souq.com facing problems
The UAE’s e-commerce website Souq.com, which dominates about 78 per cent of e-commerce market in the Middle East and North Africa, lately was facing problems, as the UAE billionaire Mohamed Alabbar announced that he is backing Noon.com, which willing to dominate Middle East e-commerce.