London — Amazon.com is weighing a bid for a stake in Dubai-based online retailer Souq.com FZ as the e-commerce giant seeks to expand in the Middle East, according to people with knowledge of the matter. The stake, representing at least 30% of the company, is drawing interest from private equity firms and regional, family-owned companies seeking to expand into web sales, the people said, asking not to be identified as the information is private. Souq.com’s advisers reached out to a large number of potential bidders for the holding, which may value the company at least $1.2bn, the people said. No final decisions have been made, and the company has not agreed to a deal with any of the parties, the people said. Spokesmen for Souq.com and Amazon did not immediately respond to requests for comment. Souq.com appointed Goldman Sachs to find buyers for a stake sale, people familiar with the matter said in September. Existing investors Tiger Global Management and SA’s Naspers are open to sell...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.