Amazon has completed its acquisition of e-commerce firm Souq.com, which was first announced at the end of March and sees the U.S. retail giant enter the Middle Eastern market.
The deal is officially undisclosed, but sources previously told TechCrunch that Amazon is paying around $650 million. Bloomberg previously reported that Amazon was in discussions over an investment at a valuation in excess of $1 billion but, amid rivalry from Emaar’s ambitious Noon.com project and others, an acquisition agreement was reached.
The two companies said today that they have completed an initial integration that allows customers to log into Souq.com using their Amazon account credentials.
Next up, they plan to integrate products and services between the two sites to leverage their respective scale. In an announcement, Souq.com in particular spoke of the potential…