Amazon completes $580 million acquisition of Souq.com

Online retail giant, Amazon has confirmed its acquisition of Dubai-based e-commerce firm Souq.com for a reported $580 million.

The company filed  with US stock exchange, the Nasdaq this week.

Souq.com is a Dubai-based online retail service whic sells more than 8.4 million products across 31 categories in the UAE, Egypt and Saudi Arabia.

The company was valued at $1 billion in its last funding round, Bloomberg reported. The retailer secured $275 million in February 2016 from investors including Standard Chartered Private Equity, International Finance Corp and Baillie Gifford.

Initially an investor in Souq.com, SA internet firm Naspers, in March, said it signed an agreement for the sale of its interest in the company to Amazon for US$173 million.


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Amazon completes $580 million acquisition of Souq.com