Maktoob Business reports that 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. Yahoo! also said it expects the acquisition to be completed in the fourth quarter.

Following completion of the deal, Maktoob.com will become a wholly-owned subsidiary of Yahoo!, while the remaining products under the Maktoob Group will operate under a new entity called the Jabbar Internet Group.

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