Report: Amazon withdraws from $1B Souq.com acquisition talks

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18 Jan, 2017 | 10:13

Author Urooj Janjua
Theme Technology, Media & Telecom

Amazon.com Inc. and Indian e-commerce company Flipkart Online Services Pvt. withdrew from talks to buy Dubai-based e-commerce platform Souq.com over price disagreement, Bloomberg News reported, citing two people familiar with the matter.

Amazon in 2016 was reported to be in negotiations to acquire Souq.com for about $1 billion after Souq.com tapped Goldman Sachs Group Inc. to look for potential buyers. After the current breakdown in talks, the Dubai e-commerce company is looking for other potential investors, with discussions ongoing with mall operator Majid Al Futtaim, one person with knowledge reportedly said.

The existing investors of Souq.com include asset management company Tiger Global Management LLC and South African company Naspers Ltd., according to the Jan. 18 report.