Yahoo! to acquire Maktoob.com

Yahoo! has agreed to acquire Maktoob.com, the Arab world’s largest online community, marking the first major investment by a U.S. technology company in a region where internet penetration is still in its infancy.

The global internet giant said on Tuesday it has entered into a definitive agreement with Jordan-based Maktoob Group to acquire Maktoob.com for an undisclosed fee. Maktoob Business is a part of Maktoob.com.

Yahoo! said it expects the acquisition to be completed in the fourth quarter.

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