Emaar Sparks Potential Bidding War For Souq.com

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Emaar Sparks Potential Bidding War For Souq.com
By Souq.com (Souq.com) [Public domain], via Wikimedia Commons

(Update: Amazon has announced it’s reached an agreement to acquire Souq.com)

Emaar Malls, a developer and operator of shopping malls, has reportedly made an $800 million offer for ecommerce company Souq.com, less than a week after reports broke that Amazon reportedly agreed to purchase Souq.com for $650 million. Emaar and its target are both Dubai-based companies operating primarily in the Middle East. Souq.com shareholders have yet to make a decision on the new proposal.

Amazon has been hot in pursuit of Souq.com for months now. Prior to last week’s takeover agreement, the ecommerce giant nearly acquired Souq.com in tandem with India’s Flipkart in January for about $1 billion, per reports, but the deal fell apart after disagreement over the price. There’s no word on whether the Seattle-based company now plans a counter-offer of its own.

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Founded in 2005, Souq.com sells over 8.5 million unique products across an array of industry segments, including books, consumer electronics, household goods and clothing. The company most recently secured a reported $275 million financing in February 2016 at a valuation of around $1.3 billion. Tiger Global Management, Sands Capital Ventures and MENA Venture Investments are among its investors.

Check out Souq.com’s free profile for a look at its financing history, management, investors and more.

Article by PitchBook

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