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Amazon confirms deal to buy SOUQ.com

Amazon.com Inc. on March 28 confirmed reaching a deal to buy Dubai e-commerce platform SOUQ.com.

The acquisition is expected to close in 2017, subject to closing conditions, the company said.

SOUQ.com CEO and co-founder Ronaldo Mouchawar said the deal will help the company expand its e-commerce presence and delivery capabilities.

While terms were not disclosed, the Financial Times reported reported the deal to be worth more than $650 million.