Amazon to Walk Away from $1 Billion Deal to Buy Souq.com
US sales giant Amazon has reportedly walked away from talks to acquire Dubai-based Souq.com after a disagreement over the price.
Bloomberg reported that the e-commerce business is now seeking other potential investors and is negotiating with mall operator Majid Al Futtaim. A few months ago, Amazon.com was in talks to acquire Souq.com for about $1 billion to give it a footprint in the high-growth Middle Eastern market.
Souq.com became the highest valued internet company in the Middle East after a $275m founding round in February 2016, according to Standard Chartered, which has invested in Souq. The company sells more than 1.5-million products online to customers in countries that include the United Arab Emirates, Egypt and Saudi Arabia.
WE SAID THIS : A spokesman for Majid Al Futtaim declined to comment, while Amazon and Flipkart didn’t immediately return requests for comment. Souq.com was also not immediately available for comment.