Amazon revives acquisition talks for SOUQ.com

Reports have surfaced suggesting Amazon is set to acquire SOUQ.com for $650m

Tags: Amazon.com IncorporatedE-commerceSouq.com
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Amazon revives acquisition talks for SOUQ.com Amazon was supposedly set to acquire SOUQ.com for $1bn last year (Getty Images)
By  Aasha Bodhani Published  March 12, 2017

Amazon has resumed talks to acquire SOUQ.com, reportedly for $650m, according to Bloomberg.

In November 2016, Amazon was supposedly set to acquire SOUQ.com for $1bn, however in January this year Amazon walked away from the deal after disagreeing over price.

Bloomberg has now revealed, that sources familiar with the matter have revealed Amazon is the only company in takeover discussions after other companies pulled out, including Majid Al Futtaim and India's Flipkart Online Services. Despite this, the sources said that agreement talks may fail again.

Last year, SOUQ.com revealed it had completed a funding round of more than AED1 billion ($275m), the largest financing of an e-commerce business in the Middle East.

ITP.net has reached out to SOUQ.com for comment on these rumours.

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