54260
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 ...

Apparel tops the list of goods smuggled into Iran.
The Ministry of Industries, Mining and Trade has introduced...
Oberbank Deal to Trigger European Finance Flow
The chief executive of Oberbank–whose bank this week became...
SCI Puts Inflation at 8%
The goods and services Consumer Price Index in the 12-month...
Unwanted Mehr Housing Units to Be Repurposed
With the aim of bringing to a close the protracted and...
Proton Dissolves Dormant Subsidiary in Iran
Malaysian industrial group DRB-Hicom Berhad, the owner of...
VW Seeking Long-Term Cobalt Supplies in Shift to Electric Cars
Germany’s Volkswagen is moving to secure long-term supplies of...
Volvo XC40 Goes Small and Upscale
The 2019 Volvo XC40 combines an eye-catching exterior, a fresh...
CBI Tweaks  FTZ Rules
In its latest directive to the banking system, the Central...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus