It has been rumored for several months now that Amazon has been thinking about acquiring Souq.com, an online retailer that’s often referred to as the Amazon of the Middle East. Fresh reports suggest that “the ink is dry” on the deal and that Amazon has picked up Souq, a company that was once valued at more than $1 billion, for $650 million.

However, no official announcement has been made as yet. Amazon declined to comment on the matter and when contacted by the scribe, Souq also declined to comment on the story. A spokesperson for Amazon said that the company does not comment on rumors and speculation.

The last we heard about a potential deal was in late 2016 when it was said that Souq was thinking about selling a 30 percent stake in the company to Amazon. That deal would have valued the company at $1 billion as well. It got its $1 billion valuation when it raised $275 million in its previous funding round last year.

Souq reportedly spent the past few months trying to reach an acquisition deal even with the likes of eBay and Majid Al Futtaim, a major Saudi retail group. The figure is believed to have jumped from $500 million to $700 million with it eventually being settled at $650 million in Amazon’s favor.

Amazon has never had its own presence in the Middle East and by acquiring Souq it’s effectively bringing the region’s largest online retailer under its wing. This acquisition will allow Amazon to hit the ground running in a market where there’s significant growth potential.

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