Amazon.com in talks to buy Souq.com in its entiretyby ASC Staff on Nov 24, 2016
The e-commerce giant Amazon.com is in talks to acquire Dubai-based online retailer Souq.com, according to a report by Bloomberg.
The US company is looking to buy Souq.com in its entirety for about US $1 billion in a deal that will give the e-commerce giant a significant footprint in the high-growth Middle East market.
Souq.com had initially planned to sell a stake of at least 30 percent, according to sources, but Amazon clearly wants to use the brand as a Launchpad in the region.
No final agreements have been reached and negotiations could still falter, the people said.
A spokesperson for Souq.com confirmed with ArabianSupplyChain.com that talks had been initiated, but provided no further details.
A representative for Amazon didn’t respond to calls and an e-mail seeking comment.
Souq.com sells more than 1.5 million products online to customers in the United Arab Emirates, Egypt and Saudi Arabia, according to its website and recently launched same day delivery in Dubai.