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UAE daily deals portal in $40m sale talks
- United Arab Emirates: Saturday, October 13 - 2012 at 01:59
UAE-based daily deals website, Cobone.com is in talks with an Egyptian venture capital firm over a sale for up to $40m in cash, The National has reported, citing sources close to the situation. OTVentures, an affiliate of Orascom Telecom, Media & Technology based in Cairo, has made an offer to buy Cobone, the sources said. Jabbar Internet Group, which owns the majority of Cobone, has been searching for a buyer for more than two months and is looking for between $20m and $40m for the website, they said. "A deal would be 100% acquisition, cash, no liabilities," said one source.
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