Amazon said to walk away from Naspers associate Souq.com takeover talks
Dubai/London — Amazon and India’s Flipkart Online Services have walked away from talks to acquire Dubai-based Souq.com after disagreeing over price, according to two people with knowledge of the matter. Souq.com’s existing investors include Naspers and Tiger Global Management. On Wednesday, Naspers said its $3.25bn sale of Poland-based Allegro Group, announced in October, had been completed. Naspers sold Allegro to funds advised by private equity firms Cinven, Permira and Mid Europa Partners. Souq.com is now seeking other potential investors and is negotiating with mall-operator Majid Al Futtaim, one of the sources said, asking not to be identified as the talks aren’t public. US online retail giant Amazon entered talks with Souq.com last year in a deal that would have been worth about $1bn, people with knowledge of the matter said in November. Souq.com reportedly appointed Goldman Sachs to find buyers for a stake last year. Souq.com became the highest valued internet company in the ...
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