Dubai – Decypha: The well publicized, long awaited deal, has finally been closed. Amazon announced today that it has reached a final acquisition agreement withSOUQ.com, MENA’s top online retail portal.
The value of the deal has not officially been disclosed.
Amazon had previously abandoned the deal, however, return to the discussion table earlier this month. Meanwhile, last week Emaar Malls had offered Souq.com an acquisition deal worth $800 million, reportedly the deal was much higher than that of Amazon’s.
Sources have however confirmed the existence of an “exclusivity” clause as part of its deal with Amazon, which means it would not be able to accept counter offers.
Souq.com has been valued last February as worth $1 billion, the same amount previously stated as the value of the deal,
By Decypha Editorial Team
