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Amazon Is Said to Be Discussing a $1 Billion Purchase of Dubai’s Souq.Com

Nov 25, 2016

Amazon.com Inc. (amzn) is reportedly in talks to buy Souq.com, a Dubai-based online retail service, at a price of $1 billion.

Bloomberg reports that Amazon may seek to acquire all of the site, which initially set out to sell a 30% stake, though no final agreement has yet been reached and the talks could end up faltering.

Neither company responded to Bloomberg’s request for comment, and the negotiations have been carried out in private.

Bloomberg’s sources, who remain anonymous, also said the company’s current investors — Tiger Global Management and Naspers Ltd. — were considering selling off their stakes, as well.

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According to the company’s website, Souq.com sells more than 1.5 million products to online customers in Egypt, Saudi Arabia and the United Arab Emirates, and has secured some $275 million in investment since February.

Goldman Sachs Group Inc. (gsj) has reportedly been appointed by Souq.com to seek out potential buyers.

Amazon.com is currently the largest online retailer in the world, with localized storefronts in Asia, Europe, North America, Oceania and South America. If finalized, acquiring Souq.com could give the company a new geographic grip on the fast-growing Middle Eastern market.

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