The founder of Maktoob.com said on Tuesday he has launched a $20 million internet company after Yahoo! agreed to acquire the Arab world’s largest online community.Yahoo! announced earlier in the day it has entered into a definitive agreement with the Jordan-based Maktoob Group to acquire Maktoob.com for an undisclosed fee. Maktoob Business is a part of Maktoob.com.
Samih Toukan said Jabbar Internet Group will oversee the Maktoob Group’s remaining products, including online auction site Souq.com and online payment platform cashU.com.
Toukan said the company will receive a fresh capital injection of $20 million and will continue to expand aggressively.
Yahoo!’s acquisition of Maktoob.com is expected to close some time in the fourth quarter.
Following completion of the deal, Maktoob.com will become a wholly-owned subsidiary of Yahoo! and the Maktoob Group’s remaining products will operate Jabbar.