|Weekly News Digest
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Amazon Buys Middle Eastern Web Store
Amazon will acquire Souq.com, a Middle Eastern ecommerce site. Amazon can use Souq.com to increase its product offerings, and Souq.com can grow its business. Closing conditions are expected to be worked out in 2017.
The companies “share the same DNA—we’re both driven by customers, invention, and long-term thinking,” says Russ Grandinetti, Amazon’s SVP of international consumers.
“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,” says Ronaldo Mouchawar, Souq.com’s CEO and co-founder.
For more information, read the press release.
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