Amazon reportedly set to buy Souq

Amazon reportedly set to buy Souq

Amazon is set to acquire Souq, one of the Middle East’s leading online retailers, according to reports. Reuters published an article on Wednesday (22 March) saying that well-placed sources had informed the agency that Amazon has already agreed to the deal in principle. However, neither Amazon nor Souq have yet official confirmed – or commented on – the reports.

Souq was reportedly valued at around $1bn when it undertook its latest funding round last year, but a report on TechCrunch yesterday suggested that Amazon had paid considerably less than that.

Amazon has reportedly been looking to buy Souq- as a whole, or in part – for some time. The acquisition of Souq (assuming the reports are true) would give Amazon a significant presence in the Middle East.

 

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