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Amazon clinches deal to buy Middle East online retailer Souq.com

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DUBAI Amazom.com (AMZN.O) has agreed to acquire Middle East online retailer Souq.com, [IPO-SOUQ.DU], the two companies said in a joint statement on Tuesday.

The value of the deal was not disclosed.

“By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers,” said Souq.com’s co-founder, Syrian-born entrepreneur Ronaldo Mouchawar.

Reuters reported last week that Amazon had agreed in principle to buy Souq.com, the Dubai-based company which was started 12 years ago by Mouchawar.

(Reporting by Alexander Cornwell; Editing by Greg Mahlich)

Reuters

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