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US giant Amazon said to walk away from deal to buy Dubai's Souq.com

E-commerce business is now reportedly seeking other potential investors, in talks with mall operator Majid Al Futtaim

Amazon.com and India’s Flipkart Online Services have reportedly walked away from talks to buy Dubai-based Souq.com after disagreeing over price.

Bloomberg reported on Wednesday that the e-commerce business is now seeking other potential investors and is negotiating with mall operator Majid Al Futtaim, citing people familiar with the matter.

It was reported in November that US giant Amazon.com was in talks to acquire Souq.com for about $1 billion to give it a footprint in the high-growth Middle East market.

Amazon was reportedly considering a bid for all of the site, which had initially planned to sell a...Read more...

Source: arabianbusiness.com