Amazon walks away from USD1bn deal to acquire Souq.com
Amazon and India’s Flipkart Online Services have reportedly walked away from talks to acquire Dubai-based online retailer Souq.com, a deal that would have been worth cUSD1bn. According to sources, Souq.com is now seeking other potential investors including Majid Al Futtaim, after disagreeing over price with Amazon. Souq.com sells more than 1.5mn products online to customers in the United Arab Emirates, Egypt and Saudi Arabia, according to its website. The company secured USD275mn from investors after Tiger Global and Naspers, among others, boosted their investments in February 2016. (Bloomberg)
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