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Some Amazon deal proceeds will be reinvested in Souq.com: CEO
March 28, 2017 / 12:36 PM / 8 months ago

Some Amazon deal proceeds will be reinvested in Souq.com: CEO

DUBAI (Reuters) - At least some of the proceeds from the sale of Souq.com to Amazon.com will be invested back in the business, the co-founder of the Middle East online retailer said on Tuesday.

Souq.com Co-Founder Ronaldo Mouchawar, poses for camera at Souq.com in Dubai, United Arab Emirates March 28, 2017. REUTERS/Ahmed Jadallah

Amazon and Souq.com announced earlier on Tuesday they had agreed to the takeover deal. Souq.com’s current shareholders include South Africa’s Naspers Ltd and Tiger Global Management.

“Today is a great day for the company. We are a company of builders. We’ve been on this journey for the last ten years and today (the) partnership with Amazon is an incredible and a great success story for the region,” Souq.com Co-Founder Ronaldo Mouchawar told Reuters.

Mouchawar, who will continue with the company, also said Souq.com would expand its more than 3,000-strong workforce following the deal.

The value and terms of the agreement, which deal adviser Goldman Sachs called “the biggest-ever technology M&A transaction in the Arab world”, were not disclosed.

Mouchawar declined to comment on the valuation.

Reporting by Alexander Cornwell Editing by Hadeel Al Sayegh and Mark Potter

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