Amazon has announced on Tuesday that it has reached an agreement to acquire Souq.com, according to a press release.
“Joining the Amazon family will enable Souq.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide,” Amazon said in a statement.
Subject to closing conditions, the acquisition is expected to close in 2017, it noted.
“Amazon and Souq.com share the same DNA, we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon senior vice president.
“Souq.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers.”
“We’re looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East,” he added.
Reuters reported Monday that the value of Amazon’s offer to acquire Souq reached $580 million, while sources told Financial Times it ranged between $650 million and $750 million.
Emaar Malls proposed $800 million to acquire Souq.com, which some sources assured represented a bigger value than that offered by Amazon.
