Emaar Malls bids for on­line re­tailer Souq.com

New Straits Times - - Business -

DUBAI: Emaar Malls PJSC, the shop­ping-cen­tre unit of Dubai’s biggest pub­licly traded prop­erty de­vel­oper, made a bid for on­line re­tailer Souq.com, seek­ing to chal­lenge an ex­ist­ing of­fer from Ama­zon.com Inc, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter.

The unit of Emaar Prop­er­ties PJSC of­fered about US$800 mil­lion (RM3.5 bil­lion) for Souq.com, which in­cludes a con­vert­ible de­posit of US$500 mil­lion.

Ama­zon had an ex­clu­siv­ity clause in its buy­out talks for Souq.com, said the per­son. No fi­nal agree­ment had been reached with any of the par­ties, said the peo­pled.

Ama­zon restarted talks to ac­quire Souq.com in a deal val­ued at as much as US$650 mil­lion after walk­ing away ear­lier this year.

Souq.com was val­ued at US$1 bil­lion in its last fund­ing round.

The re­tailer raised US$275 mil­lion, mak­ing it the most valu­able In­ter­net com­pany in the Mid­dle East, ac­cord­ing to Stan­dard Char­tered Plc, which had in­vested in the com­pany.

Dubai-based Souq.com’s ex­ist­ing in­vestors in­clude Tiger Global Man­age­ment and South Africa’s Naspers Ltd.

The com­pany hired Goldman Sachs Group Inc to find buy­ers for a stake last year, said peo­ple at the time. Bloomberg

BLOOMBERG PIC

Emaar Malls of­fered US$800m for Souq.com.

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