Emaar Malls bids for online retailer Souq.com
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
Emaar Malls offered US$800m for Souq.com.