"This acquisition will accelerate Yahoo!"s strategy of expanding in high-growth emerging markets where we believe Yahoo! has unparallelled opportunity to become the destination of choice for consumers," said Yahoo! chief executive officer Carol Bartz.
With this acquisition the users can enjoy the best of the both, said Yahoo in an announcement. The users will now get an amalgamation of Yahoo's products and services with Maktoob's local content.
Speaking about the agreement, Samih Toukan, Founder of Maktoob said, "We are excited about Yahoo! building a stronger presence in the Middle East and bringing their compelling suite of services to Arab users in Arabic."