Souq.com has been bought by Amazon (NASDAQ:AMZN) for an undisclosed amount. It is a day after a counteroffer of $800M from Dubai’s Emaar Malls became public.
“Amazon and Souq.com (Private:SOUQ) share the same DNA. We’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon SVP of International Consumer.
The acquisition is expected to close in 2017.
Previously, Emaar Malls’ offer involved an advanced payment of $500M and a guaranteed internal rate of return for shareholders of Souq.com of 15%.
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