Ama­zon wins bid to buy Dubai’s Souq.com

New Straits Times - - Business -

SEATTLE: Ama­zon.com Inc has won the bat­tle to ac­quire Dubai-based on­line re­tailer Souq.com, af­ter walk­ing away from a deal ear­lier this year. The e-com­merce gi­ant trumped an of­fer from Emaar Malls PJSC, which bid

US$800 mil­lion (RM3.5 bil­lion) for Souq.com. “Ama­zon and Souq.com share the same DNA — we’re both driven by cus­tomers, in­ven­tion and long-term think­ing,” said

Russ Grandinetti, Ama­zon se­nior vice-pres­i­dent, in a state­ment. Souq.com was val­ued at US$1 bil­lion in its last fund­ing round, sources said. Agen­cies

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