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Amazon reported to walk away from $1 billion Souq.com takeover

By Team Feedbaac

In a surprising turn of events, it seems Amazon and Flipkart have both backed away from the acquisition of Souq.com previously reported. Rumors had it that Amazon would acquire Souq for $1 billion rather than purchase a 30% stake in the company.

Souq.com had hired Goldman Sachs Group Inc. last year with the intent to find buyers for a stake in the company, with Amazon showing interest in acquiring the entire company. A report from Bloomberg today states that Amazon and Flipkart may have both walked away, but Souq.com is still in talks with Dubai-based holding company Majid Al Futtaim regarding investing.