Amazon’s on-again-off-again relationship with Souq.com may finally be nearing an end, with reports claiming the US giant has agreed in principle to acquiring the largest e-commerce site in the Middle East.
Souq.com sells consumer electronics, fashion, household items and other goods, and Amazon has been previously said to be studying plans for a takeover, but was most recently said to have dropped those plans.
The local company was reportedly valued at $1bn during its last funding round (in late 2016), but media reports cited unnamed sources as saying Amazon would be paying less than that.
One of the sources close to the deal said it gave Amazon a foothold in the region without having to deal with bureaucratic hurdles such as getting regulatory approvals from each country and signing up vendors and suppliers.
- A no-brainer…
- Best for all stakeholders to assume it has already happened…