Amazon to Buy Souq Online for $1b
Economy, Sci & Tech

Amazon to Buy Souq Online for $1b

Amazon.com is in talks to acquire UAE-based online retailer Souq.com for $1 billion in a deal that will give the e-commerce giant a footprint in the high-growth Persian Gulf market, according a November 25 Bloomberg report.
Seattle-based Amazon is considering a bid for the site, which had initially planned to sell a stake of at least 30%, a source said, asking not to be identified as the information is private. No final agreements have been reached and negotiations could still falter, people close to the deal said.
A spokesman for Souq.com declined to comment. A representative for Amazon didn’t respond to calls and an e-mail seeking comment.
Souq.com appointed Goldman Sachs Group to find buyers for a share of the company, sources familiar with the matter said in September. The company’s existing investors -- Tiger Global Management and South Africa’s Naspers Ltd. -- were also weighing selling their holdings, it was said.
The possible purchase of Souq.com, the UAE’s most popular Internet store, will lead many spectators in Iran to guess that Amazon may ultimately buy out one of the two largest e-commerce retailers in the country, being DigiKala.com and Bamilo.com. Amazon has previously denied it has any plans to enter the Iranian market soon, however.


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