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Amazon Completes Souq.Com Buyout, Expands In The Middle East

Amazon.com Inc. (AMZN - Free Report) recently completed the acquisition of a Dubai-based e-commerce giant, Souq.com. Although the terms of the deal have not been disclosed, Amazon has paid around $580 million as per the sec filing.

Reportedly, Amazon users can now log on to Souq.com using their Amazon credentials. Both the companies plan to come up with more products and offerings in the Middle East region.

Russ Grandinetti, Amazon senior vice president, International Consumer, said, “We are working to quickly integrate Souq.com and Amazon capabilities, in terms of both customer experience and fulfillment, to provide an ever-improving shopping experience for customers in the Middle East.”

In the last two years, shares of Amazon have steadily treaded higher. The stock has returned 114.8% compared with the Electronic Commerce industry’s gain of 65.6%.

Deal Rationale

Souq.com is a Dubai-based online retail service. It sells more than 8.4 million products across 31 categories in the United Arab Emirates, Egypt and Saudi Arabia. Moreover, the company says that it has over 45 million visitors per...


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