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.


Short URL : https://goo.gl/KFumuA
  1. https://goo.gl/ho2Mbb
  • https://goo.gl/iW9yTd
  • https://goo.gl/H5fA81
  • https://goo.gl/zPcPVN
  • https://goo.gl/HNyo3t

You can also read ...

How China Became Iran’s Coziest Trade Partner?
From bilateral trade to finance contracts and civil projects,...
The economy of the Islamic Republic of Iran has been tied to political and foreign affairs developments over the years.
This is the Financial Tribune’s last edition of the current...
Iranian Banking Sector Awaits Full JCPOA Benefits
Iran’s Deputy Foreign Minister Abbas Araqchi addressed various...
President Hassan Rouhani on Sunday spoke to reporters after the last Cabinet meeting of the current year.
President Hassan Rouhani on Sunday outlined his administration...
Iran has more than 37 billion tons of proven mineral reserves and 57 billion tons of potential reserves.
Iran exported more than 58.09 million tons of mineral products...
All-Out Growth in Interbank Market
The Central Bank of Iran has released its latest data on the...

Add new comment

Read our comment policy before posting your viewpoints