ExitRecord

Acquisition

Souq.com and Amazon: the deal on record

Amazon announced in March 2017 that it had agreed to acquire Souq.com, a Middle East e-commerce company based in Dubai, without disclosing the price. Amazon's quarterly filings say it acquired Souq Group Ltd. on 12 May 2017, for approximately USD 586 million net of cash acquired according to the June 2017 report, a figure revised to approximately USD 579 million in the September 2017 report. On 3 July 2017 Amazon and Souq.com issued a statement confirming what they called the official completion of the acquisition.1,2,4,3

Value as reportedapproximately USD 586 million, net of cash acquired, in Amazon's June 2017 quarterly report, revised to approximately USD 579 million, net of cash acquired, in its September 2017 quarterly report2,4
Announced28 March 2017
Completed12 May 2017
SectorE-commerce

Timeline

  1. Amazon announces an agreement to acquire Souq.com, with financial terms not disclosed.1
  2. Amazon acquires Souq Group Ltd., the acquisition date stated in both its June and September 2017 quarterly reports.2,4
  3. Amazon and Souq.com issue a joint statement confirming the official completion of the acquisition. The statement gives no closing date and does not mention regulatory approvals.3

Status now

Owned by Amazon, according to its 2017 filings.2,4

Sources

  1. Amazon via Zawya, Amazon to acquire SOUQ.com (press release) (28 March 2017)
  2. US Securities and Exchange Commission (EDGAR), Amazon.com Inc. Form 10-Q for the quarter ended 30 June 2017 (28 July 2017)
  3. Amazon and Souq.com via Al Bawaba, Amazon and Souq.com Announce Completion of Acquisition (3 July 2017)
  4. US Securities and Exchange Commission (EDGAR), Amazon.com Inc. Form 10-Q for the quarter ended 30 September 2017 (27 October 2017)