Looks like the deal was successful.
Gulf Business is reporting that Amazon has closed a deal on its acquisition of Souq.com after initial talks failed to materialize a couple of months back. Word has it is that Amazon is paying $650 million for the acquisition, Souq.com is currently valued at $1 billion.
Souq’s dominance in the region was quickly challenged by Noon.com – a new ecommerce website backed by Emaar chairman Mohamed Alabbar and the Saudi Public Investment Fund that boasts more than 20 million products. It was initially announced to be launched in January of this year but failed to meet its deadline. It is now unknown when it will launch.
Neither Amazon nor Souq has released any statement on the matter, but just in case negotiations were successful, it won’t be long until we hear the official announcements.