Amazon buys Middle-East's e-commerce giant SOUQ.com

Amazon has confirmed that it has bought Middle East's biggest e-commerce website SOUQ.com. Although the value and terms of the deal was not disclosed, the deal is said to be valued around $650M.

SOUQ.com was founded in 2005, and is Middle East's largets online retail and market place with localized operation in United Arab Emirates, Saudi Arabia, Kuwait, Egypt, Bahrain, Oman, and Qatar. The acquisition of SOUQ.com will represent Amazon's entry into the Middle East.

In a press release SOUQ said that the acquisition is a critical next step that will enable it to grow while working with Amazon to offer seamless online shopping and bring more products and offerings to customers across the region. For Amazon, the acquisition will represent the company's entry into the Middle East.

"By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon's great track record of empowering sellers," said SOUQ.com's co-founder and CEO Ronaldo Mouchawar.

The acquisition is expected to close by 2017, subject to closing conditions. 

Source |  Via