Tuesday, March 28, 2017

Amazon.com Confirms SOUQ.com Acquisition

Seattle-based Amazon confirmed this morning that it has reached an agreement to acquire Middle Eastern e-commerce site SOUQ.com. Financial details of the acquisition were not announced by Amazoncom. Amazon.com is reportedly paying more than $650M for SOUQ.com, although it apparently had to beat back a competing offer from Middle Eastern mall operator, Emaar Malls. Amazon said the acquisition is expected to close in 2017.