Amazon to Acquire SOUQ.com

Amazon to Acquire SOUQ.com

SEATTLE--(BUSINESS WIRE)--Mar. 28, 2017-- Amazon (Nasdaq:AMZN) today announced that it has reached an agreement to acquire SOUQ.com, an e-commerce leader in the Middle East. Joining the Amazon family will enable SOUQ.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide.

Amazon and SOUQ.com share the same DNA - we're both driven by customers, invention, and long-term thinking, said Russ Grandinetti, Amazon Senior Vice President, International Consumer. SOUQ.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. Were looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we'll work hard to provide the best possible service for millions of customers in the Middle East.

We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region, said SOUQ.com CEO and Co-Founder Ronaldo Mouchawar. By becoming part of the Amazon family, well be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazons great track record of empowering sellers.

Subject to closing conditions, the acquisition is expected to close in 2017.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about.

About SOUQ.com

SOUQ.com is the largest online retail and marketplace platform in the Arab world, featuring more than 8.4 million products across 31 categories such as consumer electronics, fashion, health and beauty, household goods, and baby. Today, SOUQ.com attracts over 45 million visits per month, with localized operations in the KSA, UAE and Egypt.

SOUQ.com offers a convenient and safe online shopping experience with secure online payments, option to pay cash on delivery and free returns. For more information, visit www.Souq.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170328005141/en/

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