Internet Retail | Dubai, UAE | Corporate Acquisition
Amazon (NASDAQ: AMZN) has reportedly agreed to acquire Middle Eastern ecommerce company Souq.com. Amazon and Indian ecommerce giant Flipkart were reportedly in talks to buy the 12-year-old Souq earlier this year, but walked away from the deal after a disagreement over price. Souq secured a $275 million round in February 2016 at an estimated valuation of $1.2 billion. Tiger Global Management, Sands Capital Ventures and MENA Venture Investments are among Souq’s investors.