From CNET: Amazon said Tuesday it agreed to purchase Souq.com, one of the biggest e-commerce players in the Arab World
Souq, which means marketplace in Arabic, started in 2005 and now sells over 400,000 products including electronics, clothes and household goods. The deal had been rumored to reach $650 million, which would make the purchase Amazon's largest since 2014, according to Crunchbase. The Seattle company didn't disclose a purchase price.
Amazon's latest acquisition marks its new push into emerging markets, as part of its broader goal to maintain its fast growth. Amazon is also expanding in Mexico, China and India, as its businesses in the US and Europe are maturing.
The deal was expected since late last year, but reportedly wasn't finalized until now due to disagreements over a price. Last week, Reuters reported that Amazon agreed in principle to the purchase.
Amazon's announcement Tuesday was light on details, particularly on Amazon's plans with the new acquisition. The release said the deal will allow Souq to keep growing.
"By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster," Ronaldo Mouchawar, Souq.com CEO and co-founder, said in a statement, "as well as continue Amazon's great track record of empowering sellers."
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