, Inc. (AMZN) Officially Hooks Attractive Acquisition and Unlocks Middle East E-Commerce Potential, Inc. (NASDAQ:AMZN) has sunk its acquisition hooks on, the leading e-commerce platform in the Middle East, after months-long rumor buzz surrounding the deal. How much did the online auction and e-commerce leader pay to claim its stake in the Arab e-commerce market? Media reports project the acquisition circles between $650 million to $800 million.

William Blair analyst Ryan Domyancic believes this was a savvy chess move on Amazon’s part, considering’s 70,000+ sellers as of 2014 alone and the platform boasts a “sizable” cash-on-delivery that comprises of 60% to 80% payments in certain markets. In reaction, the analyst reiterates an Outperform rating on shares of AMZN without listing a price target.

“Amazon noted in its press release that it will enable to expand fulfillment capabilities and customer selection. Amazon ships to the Middle East but does not have a dedicated website for any countries covered by Amazon likely found the acquisition attractive because ecommerce is still nascent in the Middle East; e-commerce accounts for 2% of retail sales in the Middle East, compared with low-double-digit penetration in more mature countries. Amazon expects the acquisition to close in 2017,” Domyancic surmises.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, three-star analyst Ryan Domyancic is ranked #1,582 out of 4,558 analysts. Domyancic has a 100% success rate and garners 14.4% in his yearly returns. When recommending AMZN, Domyancic gains 12.3% in average profits on the stock.

TipRanks analytics demonstrate AMZN as a Strong Buy. Based on 30 analysts polled by TipRanks in the last 3 months, 29 rate a Buy on Amazon stock while 1 maintains a Hold. The 12-month average price target stands at $956.30, marking a 9% upside from where the stock is currently trading.

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