Amazon.com on Monday said it has completed the acquisition of Souq.com.
In March, the US online retailer agreed to buy Middle East online retailer. No details of the value and terms of the agreement have been given, but deal adviser Goldman Sachs termed it as “the biggest-ever technology M&A transaction in the Arab world”.
In a joint statement, the companies said that they have taken the “first step of integration”, allowing customers to log on to souq.com using their Amazon credentials, which was first reported by Arabian Business in May.
Souq.com chief executive and co-founder Ronaldo Mouchawar said: “It is an exhilarating time for the e-commerce industry in the region. Together with Amazon, our goal is to offer our customers the widest product selection, great prices, improved delivery times and first-rate customer service.”
Amazon senior vice president, international consumer, Russ Grandinetti, said: “The integration of Amazon’s technology and global resources with our local expertise will help us to offer a great service to our loyal customers.
“We are excited to be able to provide our customers in the Middle East with the benefit of easy access to souq.com using their Amazon credentials.”
He added that Amazon is working to quickly integrate souq.com and Amazon capabilities, in terms of both customer experience and fulfillment, to provide an ever-improving shopping experience for customers in the Middle East.
The two companies will move into the next phase of the integration to bring more products and offerings to the region’s customers even faster, the statement said.
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