Amazon.com Inc. restarted talks to acquire Dubai-based Souq.com for as much as $650 million after walking away from the deal earlier this year, people familiar with the matter said.

The U.S. e-commerce giant resumed negotiations with the online retailer in recent weeks after they stalled in January when the two companies couldn’t agree on a price, the people said, asking not to be identified as the information is private.

Amazon is the only company involved in talks after other bidders, including mall-operator Majid Al Futtaim pulled out, the people said. A deal hasn’t been agreed and talks may fail again, they said.

Souq.com was valued at $1 billion in its last funding round, people with knowledge of the matter said in April 2015. The retailer raised $275 million, making it the most valuable Internet company in the Middle East, according to Standard Chartered Plc, which has invested in the company.
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Souq.com’s existing investors include Tiger Global Management and South Africa’s Naspers Ltd. The company hired Goldman Sachs Group Inc. to find buyers for a stake last year, people said at the time.

A representative from Souq.com didn’t respond to requests to comment. An Amazon spokesman said the company doesn’t comment on rumors or speculation.