Dubai – Decypha: Emaar Malls have bid $800 million to acquire Souq.com, MENA’s top online retail portal, sources told Arabian Business.
The move came after Amazon announced its initial agreement to buy the website. The value of the deal has not officially been disclosed, however, it was expected not to exceed $650 million, according to the National.
Souq.com has been valued last February as worth $1 billion, the same amount previously stated as the value of the deal, according to Decypha.
Souq.com is believed to have an “exclusivity” clause as part of its deal with Amazon, which means it would not be able to accept counter offers.
Small shareholders in Souq, are reportedly, yet to commit to a sale that could see the company undervalued by almost $220 million, in comparison to Emaar’s counter offer.
By Decypha News Editorial Team
