In a move that appears to be more of a consolidation in a holding group than an acquisition, it is announced that Souq.com, an e-commerce portal from the Middle East has acquired the private shopping portal Sukar.com.
Sukar.com is majority owned by the same group that owns Souq.com. So for us this seems more like a consolidation against the big force of another shopping portal, MarkaVIP.com which has recently closed a Series B of $10 million investment. Souq.com had announced investing $2.5 million in start-up Run2Sport.com earlier.
More details follows from their release:
Previous Post: DubaiBeat.com an official partner of the Private Equity International Dubai Event
Next Post: Middle Eastern investors acquired substantial farming property in Western Australia