Deals
Dubai’s Souq.com Said to Plan Stake Sale at $1.2 Billion Value
- Online retailer eyeing sale of about 30 percent of company
- Company has hired Goldman Sachs to find bidders for the stake
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Dubai-based online retailer Souq.com, known as the Amazon of the Middle East, is planning to sell a stake of about 30 percent that would give the company a value of at least $1.2 billion, people with knowledge of the matter said.
Souq.com appointed advisers at Goldman Sachs Group Inc. to find buyers for the stake, the people said, asking not to be identified as the information is private. Existing investors Tiger Global Management and South Africa’s Naspers Ltd. are open to selling part of their holdings in the transaction, the people said. The company may attract another business in the industry or a financial investor, and is willing to sell a larger stake at the right price, one of the people said.