DUBAI, March 28 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.
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)