Yahoo! Inc. (NASDAQ:YHOO) has made an agreement to acquire Maktoob.com. Maktoob is based in the country of Jordan and is one of the biggest Arab portals on the Internet today. The fee was undisclosed, but the acquisition is pegged to be about $75-$80 million.
The acquisition should be completed by the fourth quarter. Maktoob.com itself will become a Yahoo! property but assets under the Maktoob Group will be rolled into a new name called Jabbar Internet Group. Jabbar will continue to own properties such as cashU.com and Araby.com.
“With the acquisition of Maktoob.com and our investment commitment to the region, the Arab world will soon get the entire Yahoo! experience in Arabic with relevant local language content, programming and services,” stated Yahoo! CEO Carol Bartz in a press release.
Maktoob started in 2000 and is in the top 10 for most Arabic-speaking countries according to Alexa.com. Maktoob holds the number one spot in many countries too. This will help boost Yahoo!’s market share in an area that is heavily untapped by Google and Microsoft.