Amazon.com acquired Souq.com for approximately $580 million, a transaction announced in March 2017, structured as all cash.
Souq.com operates in International Online Stores, is based in Dubai, United Arab Emirates. Amazon acquired Souq.com, the largest e-commerce marketplace in the Middle East, extending Amazon's retail reach across the Gulf region. Souq was later rebranded as Amazon.ae in the UAE. The acquisition gave Amazon an established logistics network and customer base in a high-growth region.
Establish a strong retail and logistics presence in the Middle East via the region's leading e-commerce platform.
Advisory firms were not disclosed for this transaction.