Souq.com says Amazon has bought it after $800M counteroffer

March 28, 2017 at 4:51 a.m. | Updated March 28, 2017 at 5:00 a.m.

by Associated Press

A stock ticker displays the share price and trade volume of Emaar Malls and others stock at the Dubai Financial Market in Dubai, United Arab Emirates, Monday, March 27, 2017. Dubai's Emaar Malls, a subsidiary of the state-backed construction firm Emaar, said Monday it made an $880-million offer to buy the online retailer Souq.com amid rumors of a possible acquisition of the firm by Amazon. (AP Photo/Jon Gambrell)
A stock ticker displays the share price and trade volume of Emaar Malls and others stock at the Dubai Financial Market in Dubai, United Arab Emirates, Monday, March 27, 2017. Dubai's Emaar Malls, a subsidiary of the state-backed construction firm Emaar, said Monday it made an $880-million offer to buy the online retailer Souq.com amid rumors of a possible acquisition of the firm by Amazon. (AP Photo/Jon Gambrell)

DUBAI, United Arab Emirates (AP) - The Middle East's biggest online retailer Souq.com has been bought by Amazon for an undisclosed amount, a day after a counteroffer of $800 million from the operator of Dubai's biggest mall became public.

Souq.com and Amazon issued a joint statement on Tuesday in Dubai announcing the sale, saying it represents Amazon's entry into the Middle East.

The statement says the acquisition is expected to close in 2017, without elaborating.

A filing Monday by Emaar Malls PJSC on the Dubai Financial Market showed the mall operator offered $800 million for the site.

Seattle-based Amazon.com Inc. confirmed the sale in a separate statement, without elaborating on terms.

Emaar Mall's bid for the site comes after Emaar chairman Mohamed Alabbar reportedly met in November with Amazon CEO Jeff Bezos in Dubai Mall.

Upcoming Events