Souq.com says Amazon has Bought it After $800M Counteroffer
Amazon purchased the Middle East’s biggest online retailer Souq.com on Tuesday for an undisclosed amount, a day after a state-backed firm disclosed an $800 million counteroffer. A joint statement described the purchase as expanding Amazon’s influence into the Mideast as the state-supported firm Emaar prepares to launch its own retail website in a country known more for its luxury malls than online shopping. That could put Seattle-based Amazon in a head-to-head competition with a firm helmed by one of the sheikhdom’s favored business magnates. “This is a …