Amazon.com Inc. is in talks to acquire Dubai-based online retailer Souq.com FZ for about $1 billion in a deal that will give the e-commerce giant a footprint in the high-growth Middle East market, according to people familiar with the matter.
Seattle-based Amazon is considering a bid for all of the site, which had initially planned to sell a stake of at least 30 percent, the people said, asking not to be identified as the information is private. No final agreements have been reached and negotiations could still falter, the people said.
A spokesman for Souq.com declined to comment. A representative for Amazon didn’t respond to calls and an e-mail seeking comment.