'Souq.com' was acquired by Amazon

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Was it an asset deal or a stock deal ? Executives from both companies said Souq.com will expand its workforce and operations after Amazon reached a deal to buy 100 percent of the online retailer in the Middle East, meaning the deal is an asset. And by May 1, 2019, the Souq.com website became known as Amazon.ae, and also on June 17, 2020, Souq.com Saudi Arabia became known as Amazon.sa, and also on September 1, 2021 Souq.com Egypt changed to Amazon.eg Ronaldo Mouchawar, CEO of Souq.com, said that the acquisition took place entirely from Amazon on Souq.com, and "we joined the Amazon family today," explaining that the work team and he as CEO will remain in their positions after the deal