Amazon.com has agreed in principle to acquire Dubai e-commerce company Souq.com, according to Reuters.
The terms of the deal were not disclosed, Reuters said, but Souq had been valued at $1 billion in its most recent funding round of $275 million last February. Investors from that round included Tiger Global Management, Naspers, Standard Chartered Private Equity and International Finance Corp.
Bloomberg reported earlier this month that Amazon was in talks to purchase Souq for as much as $650 million.
Souq, which means "market" in Arabic, is one of the largest e-commerce platforms in the Middle East and North Africa. The company sells a range of products, including consumer electronics, fashion and household items.
Goldman Sachs acted as adviser for Souq.com and helped to arrange the deal, Reuters said.
Souq was founded in 2005 as an internet auction site, shifting in 2011 to e-commerce.
Source: Biz Journals