Emaar Malls bids for Souq.com to challenge Amazon

26/03/2017 04:05 AST

Emaar Malls, the shopping-centre arm of leading property developer Emaar, has made a bid for Dubai online retailer Souq.com, seeking to challenge an existing offer from online retail giant Amazon, according to a report.

The unit of Emaar Properties offered about $800 million for Souq.com this week, which includes a convertible deposit of $500 million, reported Bloomberg citing people familiar with the matter.

Amazon has an exclusivity clause in its buyout talks for Souq.com, the person said. No final agreement has been reached with any of the parties, it added.

Amazon restarted talks to acquire Souq.com in a deal valued at as much as $650 million after walking away earlier this year, people familiar with the matter.

Dubai-based Souq.com, whose existing investors include Tiger Global Management and South Africa’s NaspersSouq.com, was valued at $1 billion in its last funding round, said the report.

The company had hired Goldman Sachs Group to find buyers for a stake last year, it added.


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