Finally, the most talked-about business deal has come to a conclusion. Amazon just confirmed that it has reached an agreement to acquire SOUQ.com, one of the Middle East’s biggest e-commerce sites. The merge will widen the target market for both Amazon and SOUQ.
“Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon Senior Vice President, International Consumer. “SOUQ.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We’re looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East”, Grandinetti added.
Co-founder and CEO of SOUQ.com, Ronaldo Mouchawar, explained that their latest venture will allow SOUQ to expand its delivery capacity, in addition to continuing Amazon’s great track record of empowering sellers.
WE SAID THIS: The acquisition is expected to close in 2017.