Amazon is considering a bid for the entire business, which had initially planned to sell a stake of at least 30%, bloomberg reports citing various sources. No final agreements have been reached and negotiations could still falter.
Souq.com has appointed Goldman Sachs Group Inc. to find buyers for a share of the company and its existing investors -- Tiger Global Management and South Africa’s Naspers Ltd. -- have also been weighing selling their holdings, the source cites.
Souq.com sells more than 1.5 million products online to customers in the UAE, Egypt and Saudi Arabia, according to its website. The company secured usd 275 million from investors after Tiger Global and Naspers, among others, boosted their investments in February 2016. Chief Executive Officer Ronaldo Mouchawar said in an interview at the time that the company would be open to selling shares to the public in the future, the source cites.
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