Amazon Deal to Acquire Souq.com Is Back On

By Raghda El Sayed On Mar 22, 2017

Rumors of Amazon, the American e-commerce and cloud computing company, acquiring Dubai’s Souq.com surfaced back in November 2016, but in January 2017, it was sadly announced that they’re walking away from the bidding.

Souq.com has been valued at $1 billion, where Amazon was in the lead of the negotiations, but reportedly walked off because of disagreements over the price. Earlier this month, Bloomberg reported that the deal is back and Amazon is offering $650 million for the bidding.

The National has also reported that the full acquisition of Souq.com by Amazon has now been agreed, but both Amazon and Souq hasn’t commented on the acquisition.

WE SAID THIS: The news of the finalization of the deal hasn’t been officially announced. We’ll be updating you with the latest.