Amazon reaches deal to acquire Middle East retailer Souq.com
- 7 years ago
Amazon reached a deal to acquire Middle East online retailer Souq.com, only a day after the firm disclosed an $800 million counteroffer. Sources close to the matter agreement believe Amazon paid less than the proposed counteroffer made by Dubai billionaire Mohamed Alabbar's Emaar. The value and terms of the acquisition is not yet known, but was called the "biggest biggest-ever technology M&A transaction in the Arab world" by deal adviser at Goldman Sachs. Souq, which means "market" in Arabic, was co-founded 12 years ago by Syrian entrepreneur Ronaldo Mouchawar.