-Amazon officially announces acquisition

Mar

28

2017

of Amazon Middle East – Souq.com
The financial details of the deal were not disclosed
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Amazon.com announced on Tuesday that it had reached an agreement to buy the largest retail retailer in the Middle East, after months of rumors, and Emaar Malls entered the line at the last minute.

“Samsung’s joining the Amazon family will enable it to continue growing as well as working with Amazon to bring more products and offerings to customers worldwide,” the US e-commerce giant said in a statement. The financial details of the deal were not disclosed.

“Amazon and Souk.com share the same DNA – we’re driven by consumers, innovation and long-term thinking,” said Ross Grande, Amazon’s vice president for international consumers. “We are looking forward to learning from each other and to providing the best possible experience to millions of customers in the Middle East,” he added.

“We and Amazon are guided by many of the same principles, and this acquisition is the next critical step in strengthening our presence in e-commerce on behalf of customers across the region,” said Ronaldo Mashhour, founding member and CEO of Souq.com.

The two companies said they expected the acquisition to take place this year.

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