Amazon.com has agreed to acquire Middle East online retailer Souq.com, the two companies said in a joint statement on Tuesday.
The value of the deal was not disclosed, but was believed to be in the region of $580 million.
"By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon's great track record of empowering sellers," said Souq.com's co-founder, Syrian-born entrepreneur Ronaldo Mouchawar.
He described the acquisition as a "critical next step" in growing its e-commerce presence on behalf of customers across the region.Russ Grandinetti, Amazon Senior Vice President, International Consumer Amazon and SOUQ.com are both driven by customers, invention, and long-term thinking
"SOUQ.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers," he said.
"We're 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."
Reuters reported last week that Amazon had agreed in principle to buy Souq.com, the Dubai-based company which was started 12 years ago by Mouchawar.
Dubai's Emaar Malls made an $800 million offer for the Middle East e-commerce giant, but Souq.com would have to break an exclusivity agreement with Amazon if it were to accept the late offer.

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