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Emirates Telecommunications Group Co., also known as e&, has fully acquired online marketplace Service Souk DMCC (ServiceMarket) for a value not exceeding AED 81 million ($22 million).
The acquisition is in line with the group’s strategy to empower consumers and strengthen e&'s existing marketplace services, the telecoms group said in a regulatory filing on Wednesday on the Abu Dhabi Securities Exchange (ADX).
The value of the acquisition will not exceed AED81 million, including payment linked to business performance portion due over a period of time.
ServiceMarket, an online marketplace for household services, will be consolidated into e&’s financials from February 2023.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
