Souq.com says Amazon has bought it after USD 800M counteroffer

Dubai, Mar 28 (AP) The Middle East's biggest online retailer Souq.com has been bought by Amazon for an undisclosed amount, a day after a counteroffer of USD 800 million from the operator of Dubai's bi

Dubai, Mar 28 (AP) The Middle East’s biggest online retailer Souq.com has been bought by Amazon for an undisclosed amount, a day after a counteroffer of USD 800 million from the operator of Dubai’s biggest mall became public.

Souq.com and Amazon issued a joint statement today in Dubai announcing the sale, saying it represents Amazon’s entry into the Middle East.

The statement says the acquisition is expected to close in 2017, without elaborating. A filing yesterday by Emaar Malls PJSC on the Dubai Financial Market showed the mall operator offered USD 800 million for the site.

Seattle-based Amazon.com Inc. confirmed the sale in a separate statement, without elaborating on terms. Emaar Mall’s bid for the site comes after Emaar chairman Mohamed Alabbar reportedly met in November with Amazon CEO Jeff Bezos in Dubai Mall. (AP)

This is published unedited from the PTI feed.