{"id":650665,"date":"2017-03-29T04:06:10","date_gmt":"2017-03-29T04:06:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/29\/amazon-acquires-souq-com\/"},"modified":"2017-03-29T04:06:10","modified_gmt":"2017-03-29T04:06:10","slug":"amazon-acquires-souq-com","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/29\/amazon-acquires-souq-com\/","title":{"rendered":"Amazon acquires souq.com"},"content":{"rendered":"

<\/a> Amazon <\/strong>announced<\/strong><\/a> yesterday it has reached an agreement to acquire regional <\/strong>e-commerce platform Souq<\/strong>, fending off last-minute rival bid. Subject to closing conditions, the transaction should be executed this year. Goldman Sachs advised on the transaction and although values and terms were not disclosed, a source described it as \u201cthe biggest-ever technology M&A transaction in the Arab world<\/strong>.\u201d A document noted that Amazon\u2019s entry into \"attractive Middle East countries with significant growth potential given e-commerce only represents (roughly) 2% of retail sales.\u201d<\/p>\n

Souq probably wasn\u2019t a unicorn after all, late stage investors may have taken a haircut: <\/strong>With Amazon reportedly thwarting a last-minute bid by Mohamed Alabbar\u2019s Emaar Malls, sources tell Reuters<\/a> Amazon still paid less than Emaar\u2019s bid, keeping Souq's valuation below the USD 1 bn mark it reportedly hit during its last equity raising last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon announced yesterday it has reached an agreement to acquire regional e-commerce platform Souq, fending off last-minute rival bid. Subject to closing conditions, the transaction should be executed this year. Goldman Sachs advised on the transaction and although values and terms were not disclosed, a source described it as \u201cthe biggest-ever technology M&A transaction in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-650665","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6d91b6b1-a5a8-471b-a398-c1871c4664fe","order":"0","is_powered_by":true,"section_story_id":"bb6da42b-7fb3-49bc-8600-cf0f85ab4bf8","story_type":"1","photo_url":"","photo_position":"above","related_issue":[650650],"teaser":"","voice_url":""},"yoast_head":"\nAmazon acquires souq.com - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/29\/amazon-acquires-souq-com\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amazon acquires souq.com\" \/>\n<meta property=\"og:description\" content=\"Amazon announced yesterday it has reached an agreement to acquire regional e-commerce platform Souq, fending off last-minute rival bid. 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The regional malls giant\u2019s offer includes a USD 500 mn convertible deposit, according to the sources, and no final\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":644809,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/04\/amazon-has-completed-its-acquisition-of-souq-com\/","url_meta":{"origin":650665,"position":1},"title":"Amazon has completed its acquisition of Souq.com","author":"enterpriseam admin","date":"4 July 2017","format":false,"excerpt":"Amazon has completed its acquisition of Souq.com, the Dubai-based online retailer said on Monday. The company said that the firms now would work on the \"next phase of the integration to bring more products and offerings to the region's customers even faster.\" Users can now also log into their website\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650426,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/23\/amazon-could-be-acquiring-souq-com\/","url_meta":{"origin":650665,"position":2},"title":"Amazon could be acquiring Souq.com","author":"enterpriseam admin","date":"23 March 2017","format":false,"excerpt":"Amazon acquiring Souq after all? Amazon\u2019s interest in making an investment in regional online retailer Souq.com is reportedly back on, The National reports. The two companies will finalize the transaction next week, with negotiations on valuation, future plans for the company, and its trade name still underway, a source from\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":640913,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/07\/souq-acquires-wing-ae\/","url_meta":{"origin":650665,"position":3},"title":"Souq acquires Wing.ae","author":"enterpriseam admin","date":"7 September 2017","format":false,"excerpt":"M&A WATCH- Amazon subsidiary Souq.com has acquired Wing.ae, a startup that is building out a network for Prime-style same-day and next-day deliveries for various e-commerce marketplaces, according to TechCrunch\u2019s Ingrid Lunden. Lunden says \u201cSouq and Amazon are buying into a startup that will help them stay ahead in an area\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649875,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/12\/amazon-reportedly-re-starts-negotiations-to-acquire-souq-com\/","url_meta":{"origin":650665,"position":4},"title":"Amazon reportedly re-starts negotiations to acquire Souq.com","author":"enterpriseam admin","date":"12 March 2017","format":false,"excerpt":"Zooming out to a regional scale: Amazon could be buying Souq.com after all. Seattle-based Amazon has reportedly restarted talks to acquire Dubai-based regional e-commerce platform Souq.com for a reported USD 650 mn, Bloomberg reports. Amazon and India\u2019s Flipkart had walked away from talks to acquire the company January after disagreeing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566874,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/26\/bye-bye-souq-hello-amazon-eg\/","url_meta":{"origin":650665,"position":5},"title":"Bye bye Souq, hello Amazon.eg","author":"enterpriseam admin","date":"26 July 2021","format":false,"excerpt":"Amazon will be launching Amazon.eg later this year, ultimately replacing Souq as its Egypt selling platform, the company announced in a press release (pdf). The move will give \u201clocal businesses the opportunity to reach more customers across the country,\u201d according to the statement. The e-commerce giant had operated in Egypt\u2026","rel":"","context":"In "SPEED ROUND: RETAIL"","block_context":{"text":"SPEED ROUND: RETAIL","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-retail\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/458.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/650665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=650665"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/650665\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/650650"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=650665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=650665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=650665"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=650665"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=650665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}